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Public company info - Yuk Wing Group Holdings Limited , 01536.HK

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Yuk Wing Group Holdings Limited, 01536.HK - Company Profile
Chairman -
Share Issued (share) 380,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Machinery & Equipment
Corporate Profile Business Summary: The Group is principally engaged in the manufacturing and trading of rockdrilling tools and equipment and trading of piling and drilling equipment and machineries. Performance for the year: Revenue for the Group has decreased from approximately HK$178.6 million for the year ended 31 March 2020 to approximately HK$106.7 million for the year ended 31 March 2021, a decrease of approximately HK$71.9 million or 40.3%. Business Review: The Group is principally engaged in the manufacturing and trading of DTH rockdrilling tools, trading of piling and drilling machineries and rockdrilling equipment. During the Year, the market environment in Hong Kong has remained stagnant due to the slowdown in approval of public works budgets by the Finance Committee (“Finance Committee”) of the Legislative Council of Hong Kong (“LegCo”) caused by the Novel Coronavirus (“COVID-19”) pandemic, leading to less construction projects available in the Hong Kong market. The COVID-19 pandemic has caused significant disruptions to businesses and restrictions in travelling worldwide. The Group were unable to promote and develop The Group‘s international businesses as the overseas exhibitions and trade shows were cancelled due to the COVID-19 pandemic. As a result, The Group‘s local and international customers have decreased their purchases for The Group‘s products, which had a considerable impact to the Group’s revenue and profit during the Year. Hong Kong remains to be the Group’s major market, where the revenue generated from Hong Kong contributed to approximately HK$99.3 million for the Year (2020: approximately HK$169.9 million), or approximately 93.1% of the total revenue during the Year (2020: approximately 95.1%). The business in Macau has seen signs of improvement, where the revenue generated from Macau contributed to approximately HK$4.6 million for the Year (2020: approximately HK$2.9 million), or approximately 4.3% of the total revenue during the Year (2020: approximately 1.6%). The business in the Scandinavia region has decreased during the Year, where the revenue generated from Scandinavia during the Year contributed to approximately HK$2.0 million (2020: approximately HK$3.2 million), or approximately 1.9% of the total revenue during the Year (2020: approximately 1.8% of total revenue). Manufacturing and Trading of DTH Rockdrilling Tools The Group is principally engaged in the manufacturing and trading of DTH rockdrilling tools. The Group‘s self-designed and manufactured DTH rockdrilling tools can be categorised into the following main categories, namely DTH hammers, casing systems (comprising driver bits and casing bits), and other miscellaneous products including button bits and bit openers, as well as The Group‘s newly developed products, drill pipes, cluster drills and casing tubes. Revenue from the manufacturing and trading of DTH rockdrilling tools contributed to approximately 89.0% of the total revenue during the Year (2020: approximately 80.8%). Trading of Piling and Drilling Machineries and Rockdrilling Equipment The Group is also engaged in the trading of piling and drilling machineries and rockdrilling equipment to The Group‘s customers as part of The Group‘s technical rockdrilling solutions. Revenue from the trading of piling and drilling machineries, and rockdrilling equipment, contributed to approximately 2.6% of total revenue during the Year (2020: approximately 9.9%) and approximately 8.3% of the total revenue during the Year (2020: approximately 9.3%), respectively. Prospects: During the Year, the Group continued to develop its various business and geographical segments. However, the market environment in the Group’s major market, Hong Kong, has remained stagnant during the Year. The timeliness of approval of budgets for public works projects by the Finance Committee of the LegCo has slowed down recently due to the COVID-19 pandemic in 2020 and 2021, where a number of meetings have been cancelled. Moreover, the suspension of certain government public services during July and August 2020 due to the increase in confirmed cases of COVID-19 has caused delays in the administration of the approved public works projects. There has been an improvement in the progress of the approval of budgets in recent months, where approximately 41 public works budgets have been approved by the Finance Committee up to date since the commencement of the LegCo year 2020–21. At the international level, the number of confirmed COVID-19 cases keeps increasing, and the governments of various countries imposed or are planning to impose restrictions to limit the gathering of people, travelling and operations of certain businesses. It is anticipated that the timeliness of budget approval at LegCo should continue to improve if the number of confirmed COVID-19 cases remain to be low and under control. However, with the possibility of the worsening COVID-19 pandemic situation in Hong Kong, the LegCo meetings and government public services might be subject to cancellations and suspensions respectively, affecting the progress in the administration of public works projects for the coming year. Internationally, restrictions on the gathering of people, travelling and businesses are expected to continue, dependent upon the COVID-19 pandemic situations. Overall, the Group remains cautious towards the future of the construction market and the business of the Group in Hong Kong, Macau and internationally, and will continue its efforts to capture business opportunities in Hong Kong, Macau and the overseas markets.

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