English | 简体中文 | 繁體中文 | 한국어 | 日本語
Wednesday, 29 November 2023, 08:15 HKT/SGT
Share:
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
https://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

Latest Press Releases
GoDaddy Airo: An AI-Powered Revolutionary Solution for Asian Entrepreneurs and Small Business Owners  
Feb 18, 2025 15:18 HKT/SGT
General Atomics and EDGE Establish Partnership to Manufacture, Test and Repair Electromechanical Systems  
Feb 18, 2025 14:27 HKT/SGT
Osaka Gas and MHI Launch CO2NNEX Digital Platform for Management and Transfer of Clean Gas Certificates for e-Methane, for Use during Expo 2025  
Tuesday, February 18, 2025 12:18:00 PM
GTJAI Assisted iMotion Automotive Technology (1274.HK) in Completing the Placing of New H Shares  
Feb 18, 2025 12:15 HKT/SGT
GenAI Summit Tour Lands in Manila to Redefine AI in Enterprise & Government  
Feb 18, 2025 09:00 HKT/SGT
Hola Prime Now Offers Immediate Funding with Instant Account  
Feb 18, 2025 09:00 HKT/SGT
Cybersecurity Leaders to Convene at the 2025 Cyber Resilience Summit Delivering Competitive Advantage Through Security  
Feb 18, 2025 08:00 HKT/SGT
Move Digital Announces Strategic Expansion into Robotics Manufacturing  
Feb 18, 2025 08:00 HKT/SGT
TOYOTA GAZOO Racing starts WEC season with Qatar challenge  
Monday, February 17, 2025 5:45:00 PM
Holiverse Brings Space History to a Global Audience with Lunar Constitution Mission  
Feb 17, 2025 17:20 HKT/SGT
More Press release >>
 Events:
More events >>
Copyright © 2025 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575