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Public company info - REM Group (Holdings) Limited , 01750.HK
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REM Group (Holdings) Limited, 01750.HK - Company Profile
Chairman Wan Man Keung
Share Issued (share) 1,800,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Electric Equipment
Corporate Profile Business Summary: The Group Is primarily engaged in sales and manufacturing of low-voltage electrical power distribution and control devices. Performance for the year: The Group’s revenue increased by approximately 13.7%, from approximately HK$186.3 million for the Year 2018 to approximately HK$211.7 million for the Year 2019. The Group’s gross profit increased by approximately 6.1% from approximately HK$51.4 million for the Year 2018 to approximately HK$54.5 million for the Year 2019. Business Review： The Group is a renowned manufacturer and supplier of low-voltage electrical power distribution and control devices in Hong Kong, Macau and the PRC. Due to various factors including the continuing trade dispute between the PRC and the United States as well as social unrest in Hong Kong during the latter half of the year, Hong Kong experienced an economic downturn for the Year 2019. However, the effect on the Group’s business is not immediately apparent as the Group’s projects can take between a few months to a few years to complete and a majority of the Group’s revenue for the Year 2019 were contributed by projects already awarded to the Group before the start of the year. In fact, the Group achieved a rise in revenue for the Year 2019 as a result of a significant growth in sales from the PRC region as the Group had successfully secured several major projects in the PRC since its Listing. This in turn, resulted in a drop in revenue from Hong Kong and Macau due to the saturated production capacity of the Group’s factories which resulted in the apportioning of the Group’s resources towards the completion of the PRC’s jobs where priority is given in view of the tighter deadlines of such projects. Nevertheless, total revenue rose by approximately 13.7% for the Year 2019. Revenue attributed to sales in Hong Kong, Macau and the PRC amounted to approximately HK$118.9 million, approximately HK$11.6 million and approximately HK$81.2 million, respectively for the Year 2019 (Year 2018: approximately HK$147.6 million, approximately HK$19.2 million and approximately HK$19.5 million, respectively). Despite the rise in revenue, the Group recorded profit after tax of approximately HK$11.5 million for the Year 2019, representing a decrease of approximately 28.1% over the previous financial year, after excluding the one-off Listing expenses incurred in the Year 2018. Such decrease in net profit after tax was mainly attributable to a lower gross profit margin, a rise in selling and distribution expenses, as well as expenses incurred for setting up and operating a new production line under a new factory in Dongguan, including rental expenses, costs for hiring additional staff, depreciation expense for new machineries and equipments acquired and other operating expenses. Prospects: Management shall seek to counteract the negative impacts of all the above factors on the Group’s results as best as they can via tighter cost control, closely monitoring the payment status of trade receivables and stricter implementation of the credit policy where necessary, as well as putting in extra efforts to secure new projects via more competitive pricing strategies so as to achieve a more sustainable and stable revenue stream in the near future.

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