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Public company info - Kaisa Capital Investment Holdings Limited , 00936.HK

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Kaisa Capital Investment Holdings Limited, 00936.HK - Company Profile
Chairman Kwok Ying Shing
Share Issued (share) 1,060,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Machinery & Equipment
Corporate Profile Business Summary: The Group is principally engaged in (i) trading of construction machinery and spare parts, leasing of the construction machinery under operating leases, providing repair and maintenance services in respect of the construction machinery; and (ii) cultivation, research, processing and sales of exocarpium citri grandis and its seedlings. Performance for the year: The Group recorded a loss from continuing operations of approximately HK$63.0 million for the Year (2019: approximately HK$65.5 million). Business Review: Revenue from sales of machinery was approximately HK$12.2 million for the Year, represented a decrease of approximately 43.8% as compared to the amount The Group achieved for FY2019. This was due to the decrease in demands of new cranes in Hong Kong and Singapore. Rental income from leasing of machinery increased from approximately HK$51.6 million to approximately HK$101.2 million for the Year, representing an increase of approximately 96.1% year over year mainly due to the development of the tower crane leasing market in PRC. Revenue from service income decreased from approximately HK$45.9 million to approximately HK$27.7 million for the Year, representing a decrease of approximately 39.7% year over year mainly due to decrease in demands of service in Hong Kong. Sales of spare parts was approximately HK$2.0 million for the Year, representing a decrease of approximately 62.3% from the amount recorded for the same period in 2019. The decrease was mainly due to the change in market demand of spare parts for the machinery. On 24 June 2020, the Group completed the disposal of its business in cultivation, research, processing and sales of exocarpium citri grandis (化橘紅), a Chinese herbal medicine, and its seedlings (the “Discontinued Operation”). Information about the Discontinued Operation is provided in note 10 to the consolidated financial statements of the Group for the Year (the “Consolidated Financial Statements”) set out in this announcement. Further details of such disposal were disclosed in the Company’s circular dated 7 May 2020 and the Company’s announcements dated 24 February, 6 and 19 March, 22 May as well as 8 and 10 July 2020 respectively. As at 31 December 2020, the Group had one property development project under development in Hong Kong and it has commenced in the second quarter of 2020. There was no sale of property during the Year. Prospects: In order to combat the COVID-19 pandemic, certain countries and regions had implemented lockdowns in the first half of 2020, the temporary suspension of construction sites has, in particular, posed a major challenge to the construction industry. Despite these challenges, the Group has been assessing, adapting and transforming continuously to cope with such crisis. In order for the Group to maintain a long and steady growth, the Group will invest and develop into the tower crane rental market while continuing to evaluate construction and property projects in Hong Kong, Singapore and China and seek opportunities to acquire construction companies and increase its land reserve so as to achieve co-development in machinery, construction and property. The Group is confident on the development of the construction industry in Hong Kong, which grew from a total output of approximately HK$100.9 billion in 2009 to approximately HK$252.1 billion in 2018, representing a compound annual growth rate of 10.71% over the period. According to the “Long Term Housing Strategy Annual Progress Report 2020” published by the Hong Kong Government, the total housing demand for the 10-year period from 2021 to 2030 is 428,000 units, which will drive the construction industry to continue to grow steadily. The steady growth in Hong Kong’s economy and population over the past few years has not only fuelled demand for supporting infrastructure and commercial buildings, but also stimulated the continued expansion of the construction industry. In April 2020, the Group successfully bid for a residential site on Reclamation Street and Shanghai Street in Mongkok, Hong Kong at a price of HK$85.9 million, which was approximately 30% below the expected bottom market price. Compared with the previous bid price of HK$7,710 per sq. ft. for a land in the neighbouring area, the Group has demonstrated its enormous strength in greatly reducing the land premium of this project. It is expected that the project will be completed in early 2024. In order to further reduce the construction cost of its own projects, shorten the construction period, improve the quality, utilise the construction and erection funds with more flexibility and manage the subcontractors, the Group has acquired a general building contractor (RGBC) licence in early 2021 to become a general contractor with self-owned buildings, to facilitate the co-development of the machinery and equipment and property businesses. Apart from contracting its own property projects, the Group also intends to actively pursue other property projects in the market, which will not only prioritise the use of tower cranes owned by the Group in future construction projects, but also increase the revenue source for the construction contracting business, thereby further enhancing the revenue and profitability of the Group. Despite the unexpected impact of the COVID-19 pandemic on the global economy and industries, the Group has stepped up its efforts to upgrade its tower cranes to meet the challenges in the post-pandemic era as systematic prevention and control of the pandemic begins. Benefiting from the Singapore government’s initiatives to boost infrastructure, the Group was awarded tower crane rental projects in early 2021 for the construction of an innovation centre by the Korean automotive giant Hyundai Motor Group and the establishment of an eco-friendly resort in Mandai by the Singapore Zoo. The market continues its demand for tower cranes that are large and heavy, with 2020 being the first point in time for completing the targets set out in the PRC’s prefabricated construction policy, which are aggressively pursued by local governments across the PRC. According to a research report by Huaxi Securities, the market capitalisation of the tower crane rental industry is expected to reach RMB180 billion by 2025. 2020 was the first year that the Group developed into the PRC market and recorded a profit despite the impact of the pandemic, therefore the Group continues to be optimistic about the development of the Greater Bay Area and will continue to explore the tower crane market of the PRC in the future.

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