华和控股2023/24年年报

Consolidated Statement of Changes in Equity 167 Corporate Information BOARD OF DIRECTORS Executive DirectorsMr. Chen Yuet Wa(Chairman and Chief Executive Officer)Mr. Chan Fai Independent Non-executive Directors Mr. Chow Chi FaiMr. Chan Hon KiMr. Yu Chi Wing AUDIT COMMITTEE Mr. Chow Chi Fai(Chairperson)Mr. Chan Hon KiMr. Yu Chi Wing REMUNERATION COMMITTEE Mr. Chan Hon Ki(Chairperson)Mr. Chen Yuet WaMr. Chow Chi Fai NOMINATION COMMITTEE Mr. Chen Yuet Wa(Chairperson)Mr. Yu Chi WingMr. Chan Hon Ki (HKICPA) COMPANY SECRETARY Mr. Lee Kai Ming(HKICPA) AUTHORISED REPRESENTATIVES Mr. Chen Yuet WaMr. Lee Kai Ming(HKICPA) AUDITORS RSM Hong KongCertified Public AccountantsRegistered Public Interest Entity Auditor29th Floor, Lee Garden Two28 Yun Ping RoadCauseway BayHong Kong 2829 Corporate Information REGISTERED OFFICE IN THE CAYMAN ISLANDS Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG Flat A & D, 4/F, Phase 1, Kwai Shing Industrial Building36–40 Tai Lin Pai RoadKwai Chung, New TerritoriesHong Kong 36–404AD PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE IN THE CAYMAN ISLANDS Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt Road, Hong Kong 1617 PRINCIPAL BANKER Nanyang Commercial Bank, Ltd.151 Des Voeux Road CentralHong Kong 151 www.wahwoalum.com COMPANY WEBSITE www.wahwoalum.com 9938 STOCK CODE 9938 Chairman’s Statement To all shareholders, On behalf of the board (the “Board”) of directors (the “Directors”) of Wah WoHoldings Group Limited (the “Company”), I am pleased to present the annualresults of the Company and its subsidiaries (collectively the “Group”) for theyear ended 31 March 2024 (the “Year”). 20243 31 The Group is a Hong Kong-based contractor engaged in façade works, whichmainly include windows, window wall system, curtain wall system and otherfaçade members. We principally provide design and build services for newbuildings and renovation services for built premises. The Group also engagedin rental of investment properties. During the Year, the Group recorded a total revenue from (i) constructionand ancillary service and (ii) rental of investment properties of HK$238.4million, representing an increase of approximately 14.4% as compared toapproximately HK$208.4 million for the year ended 31 March 2023 which wasmainly due to the revenue contributed by some of our on-going projectsin execution-peak stage during the Year. The Group recorded a net loss ofapproximately HK$55.1 million, represented a decrease of approximatelyHK$58.0 million when compared to the year ended 31 March 2023. Forthe contributing factors of the decrease in net profit, please refer to the“Management Discussion and Analysis” section of this report. (i)(ii)238.42023331208.414.4%55.1202333158.0 Despite signs of economic recovery from novel coronavirus (the “COVID-19”)situation in Hong Kong, the Directors considers that general outlook of theindustry and the business environment remains very difficult and challenging.Factors such as (1) the removal of the “spicy” stamp duty measures andthe easing of the mortgage loan-to-value ratio on 2024 Budget have hada limited effect on market recovery which we had anticipated that thesechanges would drive growth, but their impact has been less substantial thanwe hoped; (2) high-interest rate environment continue to exert pressure ondemand for residential properties and housing prices; (3) the constructionindustry in Hong Kong is marked by intense competition which heighteneddownward pressure on pricing, margins, and overall profitability, making itincreasingly challenging to secure and maintain lucrative contracts; and (4)we have observed a perceived increase in credit risk within the industry, wehave recently experienced the winding up of a major customer within our COVID-19(1)2024(2)(3)(4) Group. This customer, Fung Cheung Kee Group, is a major construction groupin Hong Kong, constituted a certain portion of our business. The Group willremain vigilant and closely monitor the development of business operations.The Group will continue to adopt a more competitive tender pricing policyand stringent control over the production costs in order to achieve reasonableproject’s gross margin. On behalf of the Board Mr. Chen Yuet WaChairman and Chief Executive OfficerHong Kong, 27 June 2024 Management Discussion and Analysis 管理層討論與分析 BUSINESS REVIEW AND OUTLOOK The Group is an established contractor engaged in façade works with a focuson window in Hong Kong. Façade works can be classified into windo