Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Wednesday, 29 November 2023, 08:15 HKT/SGT
Royal Deluxe Announces 2023/24 Interim Results, Revenue Increases by 8.9% to Approximately HK$361.0 Million
Makes Good Progress with Major Subcontracts for Formwork and Concrete Works
Achieves Notable Rebound in Business

HONG KONG, Nov 29, 2023 - (ACN Newswire) - Royal Deluxe Holdings Limited ("Royal Deluxe" or the "Company"; together with its subsidiaries, the "Group"; Stock code: 3789), Hong Kong's first formwork erection and related ancillary services provider holding more than 10 formwork patents, today announced its unaudited interim results for the six months ended 30 September 2023 (the "Period").

During the Period, the Group achieved satisfactory progress with the major subcontracts for Third Runway Concourse Foundation formwork and concrete works, as well as Substructure works at the Hong Kong International Airport and certain building formwork projects, including Kai Tak Area 1E Phase 1 public housing development and Tai Wai Station Property Development Project T1-8 Tower. As a result, the Group recorded revenue of approximately HK$361.0 million, up by 8.9% against the corresponding period last year, and gross profit of approximately HK$34.2 million, 21.1% more when compared with the corresponding period last year. The Group's gross profit margin remained stable at approximately 9.5%. Profit attributable to owners of the Company was approximately HK$7.6 million.

The Group has a history of more than 29 years in Hong Kong and is one of the largest formwork sub-contractors in the city. It has actively undertaken large-scale formwork erection projects over the years, allowing it to establish a robust business foundation and a strong customer base. Its direct customers are main contractors of building construction and civil engineering projects owned by end-customers including the Hong Kong SAR Government, public transport operators, the Airport Authority and property developers.

Boasting extensive experience and expertise, the Group landed a number of new projects during the Period, which saw its business grow and advance steadily. During the six months ended 30 September 2023, the Group secured three new contracts of total value approximately HK$372.9 million, two of which had started contributing revenue to the Group during the Period. As at 30 September 2023, the Group had a total of nine projects on hand with total outstanding value estimated at approximately HK$566.4 million, approximately 27.2% more as compared to the approximately HK$445.4 million as at 31 March 2023.

After the six months ended 30 September 2023 and as at 28 November 2023, the Group has secured another four new subcontracts for building formwork works of total contract value at approximately HK$559.6 million. With a good number of projects on hand expected to be completed between one to three years, the Group expects the performance of its subcontract works business to remain sustainable and stable in the next few years.

Mr. Wang Kei Ming, Chairman and Executive Director of Royal Deluxe Holdings Limited, said, "Over the past few years, the business environment has been immensely challenging. However, showing strong resilience and with the management exercising strict control over the progress of different projects, the Group was able to overcome different challenges and maintain a well-disciplined and stable operation. Our business rebounded notably during the Period, recovering from the difficult times caused by the COVID-19 pandemic. Looking ahead, we will remain mindful of such factors as labour shortage, inflation and rising finance costs. We will address future challenges with flexible and effective business strategies, continuing to take our business forward in good pace. In the ever-changing market environment, we will strive to seize every growth opportunity so as to create long-term and robust returns for shareholders."

Topic: Earnings Sectors: Construct, Engineering
From the Asia Corporate News Network

Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

Latest Press Releases
Sensing structure without touching  
Feb 27, 2024 08:00 HKT/SGT
Doubleview Gold Corp. Announces Significant Copper and Gold Intervals, Including 6.94% Copper and 8.29 g/t Gold (11.27% Cu Eq[-Sc]) Over 4 meters, from South Lisle and Main Lisle Zones of Hat Porphyry Polymetallic Deposit  
Feb 27, 2024 02:29 HKT/SGT
Graphene Manufacturing Group Ltd. Commences Trading on OTCQX Under the Symbol GMGMF  
Feb 26, 2024 21:09 HKT/SGT
NEC Selected by NTT DOCOMO as a Virtualized Radio Access Network (vRAN) Vendor  
Monday, February 26, 2024 4:54:00 PM
SAP Introduces Financial Incentives to Encourage Hong Kong Companies to Move to the Cloud  
Feb 26, 2024 15:02 HKT/SGT
Fujitsu and Celonis Expand Strategic Global Partnership  
Monday, February 26, 2024 2:40:00 PM
Mitsubishi Corporation's Sale of Exportadora de Sal, S.A. de C.V., a Salt Production Company in Mexico  
Monday, February 26, 2024 1:29:00 PM
'MMVO,' Mazda's Production Base in Mexico Marks its 10th Anniversary  
Monday, February 26, 2024 1:00:00 PM
Mitsubishi Electric Building Solutions to Supply Elevators and Escalators for New Capital Relocation Project in Indonesia  
Monday, February 26, 2024 10:00:00 AM
ICDM Survey Reveals Imperative for Boards in ASEAN to Realign Priorities Towards More Effective and Sustainable Governance  
Feb 26, 2024 08:00 HKT/SGT
More Press release >>
More >>
 News Alerts
Copyright © 2024 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 214 890 4418 | Beijing: +86 400 879 3881 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575

Connect With us: