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Public company info - Watts International Maritime Company Limited , 02258.HK

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Watts International Maritime Company Limited, 02258.HK - Company Profile
Chairman Wang Xiuchun
Share Issued (share) 825,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Infrastructure
Corporate Profile Business Summary: The Group’s has been operating in core and specialised areas of the PRC port, waterway and marine engineering industry, primarily focusing on port infrastructure and waterway engineering. Performance for the year: In 2019, the Group’s consolidated revenue was RMB2,049.9 million, representing a year-onyear decrease of approximately 11.2% compared with the revenue of RMB2,307.5 million of the previous fiscal year. Business Review: Since the Company’s listing on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) in November 2018, the Company has actively sought opportunities for sustainable growth of its port, waterway and marine engineering business in China to maximize return for shareholders. In 2019, the Company continued to focus on Marine Construction Services, widely conducted its business in mainland China and other countries such as Indonesia and Brunei, and expanded its business to the field of Municipal Public Construction Services through the acquisition of Shanghai Watts Benteng Municipal Public Engineering Co., Ltd., mainly serving PRC government agencies, state-owned enterprises and other large enterprise in China. As a result, the Group possesses the firstgrade general contractor qualification certificate for conducting port, waterway and marine engineering business in the PRC, first-grade general contractor qualifications for building engineering construction and first-grade general contractor qualifications for municipal public engineering construction, which expands the Group’s business capacity and scope of project acceptance, enabling the Group to undertake inland ports and waterway engineering, municipal public engineering projects, and projects which require licenses and technical capabilities of port, waterway and marine engineering and municipal public engineering, adding synergy to the Group’s existing business, expanding the Group’s customer base and increasing its business opportunities, thus increasing the Group’s revenue and profit. In 2019, the Group recorded a revenue of RMB2,049.9 million, representing a decrease of 11.2% from the year ended 31 December 2018. The decrease in revenue was due to the decrease in revenue of marine construction segment, which was mainly due to certain owners of large projects having postponed their expected project commencement date due to economic slowdown and the enhancment of the approval of shoreline resources that reduced certain needs for marine expansion. This led to less work being performed for the year ended 31 December 2019. On the other hand, during the economic slowdown, the Group fully considered the control of project operation risks. The adoption of a more prudent strategy for the acceptance of new projects led to reduction in the number of new projects being undertaken. At the same time, through the selection of high-quality projects and effective cost control, it has improved “project management” of the Group. In respect of municipal public construction segment, the Group adopted robust and prudent operation strategy and it has benefited from the further expansion of urbanization in China, which led to steady growth of the business segment for the year ended 31 December 2019. Given that the Group is in a competitive industry which is dynamic in nature, it is important for the Group to be sustainable, adaptive to changes and responsive to market trends. Following the acquisition, the Group has been able to react more quickly to market trends and demands and improve its market competitiveness by adding synergistic benefits to the Group’s existing business as well as bring new business opportunities to the Group, which in turn, will increase the revenue and profit of the Group to maximize its shareholders’ returns in the long run. Prospects: Based on the actual operation situation of the Group, the Group’s principal future strategies are as follows: Further strengthen the Group’s leading market position in the port, waterway and marine engineering industry in the PRC; Explore opportunities in inland river and inland city; Continue to capture business opportunities from China’s Belt and Road Initiative and closely pay attention to the market of economic region along Belt and Road, especially explore and expand the Southeast Asian markets; and Continue to focus on operational efficiency, enlarge the Group’s scale of operation and recruit talents.

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