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Public company info - TIL Enviro Limited , 01790.HK

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TIL Enviro Limited, 01790.HK - Company Profile
Chairman Lim Chin Sean
Share Issued (share) 1,000,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Water Supply
Corporate Profile Business Summary: The group is principally engaged in the wastewater treatment business in the People’s Republic of China (the “PRC”). Performance for the year: The group’s revenue increased from approximately HK$492.5 million for the year ended 31 December 2018 to approximately HK$515.4 millionfor the year ended 31 December 2019, representing a year-on-year increase of approximately HK$22.9 million or approximately 5%. The group’s gross profit decreased slightly from approximately HK$176.1 million for the year ended 31 December 2018 to approximately HK$171.1 million for the year ended 31 December 2019, representing a year-on-year decrease of approximately HK$5.0 million. The profit for the year increased from approximately HK$70.1 million for the year ended 31 December 2018 to approximately HK$107.7 million for the year ended 31 December 2019, representing an increase of approximately HK$37.6 million, or approximately 54%. For the year ended 31 December 2019, the earnings per Share for profit attributable to owners of the Company (basic and diluted) was HK$0.11 per Share as compared to HK$0.26 per Share for the year ended 31 December 2018. Business Review Despite the uncertainty of global and domestic economic landscape, The group have remained resilient and delivered a set of strong operational financial performance in 2019. The group’s Group recorded a revenue of approximately HK$515.4 million for the year ended 31 December 2019, representing an increase of approximately 4.6% as compared to the same period last year (2018: HK$492.5 million). The increase was mainly attributable to higher construction revenue recognised in 2019 for the additional 100,000 cubic meters per day expansion works on Plant 4. The profit for the year was approximately HK$107.7 million, representing a year-on-year increase of HK$37.6 million or 53.6% (2018: HK$70.1 million), mainly attributable to savings from one-off listing expenses (incurred in 2018) and a one-off cash incentive of approximately HK$17.6 million (equivalent to RMB15.0 million) that The group received from Ningxia Hui Autonomous Region Finance Bureau for The group’s successful listing on the Main Board of the Stock Exchange. However, the total quantity of water effluent treated in 2019 was lower at approximately 100.1 million cubic meters, representing a decrease of approximately 11.7% from the year ended 31 December 2018 at 113.4 million cubic meters, mainly attributable to overall lower inflow of wastewater into The group’s plants. Nonetheless, the Group remained committed in operating the plants and achieved stable operation and stable outflow of treated wastewater as per required discharge standard (穩定達標排放) throughout the year. The major highlight in 2019 was the successful completion of the expansion of Plant 4 within schedule and the Group has passed the environmental protection inspection and acceptance (環保驗收) issued by local government in December 2019. This marks another milestone for the Group as the expansion of Plant 4 operates at Quasi Surface Water Quality Standard Class IV (準四類水標準) which is a standard higher than Class IA in the National Wastewater Discharge Standards. This achievement has demonstrated the strength of The group’s business foundation based on the successful execution of The group’s strategies led by The group’s experienced management team. The group place great emphasis on the welfare of The group’s employees as The group strive to contribute to The group’s fellow employees’ welfare in accordance with the applicable laws and regulations. In May 2019, the Group’s main subsidiary, TYW was accredited High Integrity Entity for Social Security Insurance for the year of 2018 (2018年度銀川市社會保險誠信單位) and TYW has received the same award for two years in a row. Prospects: For the year 2020, China economy’s potential growth is expected to be affected by the COVID-19 outbreak through slower consumer spending and production disruptions arising from logistical disruptions in and outbound China, and the global oil price and production shocks affecting the world economy directly and collaterally To cushion the economic impact caused by the COVID-19 outbreak, China central and local governments have been rolling out a series of supporting policies to shore up the confidence of businesses and ease some of their compliance burdens, besides ensuring steady medical supplies and daily necessities. The supporting policies include policies guiding businesses to resume production, measures to facilitate foreign trade, provision of tax and fee reductions and exemptions, financial support, social security benefits, energy cost reduction, and incentives for medical supply donations. In February 2020, Yinchuan city has deployed limitation of movement, restrictions of mass gatherings, self quarantine and closure of schools, restaurants, entertainment centres to contain the COVID-19 from spreading. These containment measures have resulted in a decrease in wastewater volume treated for Plant 1, Plant 2 and Plant 4 as lesser inflow of wastewater from the plants’ service area. Besides, The group have noticed slight delay in the collection of receivables from The group’s customer as the time for payment processing has been prolonged due to extended holidays and remote working arrangements. However, operationally, The group’s Group has experienced minimal disruption on The group’s plants’ operation as The group’s operation are not labour intensive, the plants’ set up are largely automated and monitored through The group’s quality control system. The group also have enough stock of consumables to ensure the water quality meet the required discharge standard. As an immediate precautionary measure for the staff’s safety, The group’s Group has implemented remote work flexibility for employees (except operation team) and carrying out daily cleaning and disinfection at all The group’s plants. The Group’s strategy for this year is to focus on finalising the new tariff and new daily basic volume for the expansion and upgrading works done on Plant 1, Plant 2 and Plant 4, respectively. The management will work closely with the local authorities, which are jointly appointed by the Municipal Administration of Yinchuan* (銀川市市政管理局), Yinchuan Treasury Bureau and TYW, to finalise the audit of The group’s capital investment costs and operation costs.

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