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Public company info - Lai Si Enterprise Holding Limited , 02266.HK

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Lai Si Enterprise Holding Limited, 02266.HK - Company Profile
Chairman LAI Ieng Man
Share Issued (share) 400,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Construction & Decoration
Corporate Profile Business Summary: The Group provides services of (i) fitting-out works as an integrated fitting-out contractor; (ii) construction works as a main contractor; (iii) repair and maintenance services in Macau and Hong Kong; and (iv) food catering services through a restaurant in Macau. Performance for the year: During the year ended 31 December 2019, the Group’s revenue increased by approximately MOP89.1 million or 51.3%. During the year ended 31 December 2019, the Group’s gross profit increased by approximately MOP6.5 million or approximately 16.8% from approximately MOP38.8 million for the year ended 31 December 2018 to approximately MOP45.3 million for the year ended 31 December 2019. The Group’s gross profit margin decreased from approximately 22.3% for the year ended 31 December 2018 to approximately 17.2% for the year ended 31 December 2019. the Group’s profit for the year attributable to owners of the Company increased by approximately MOP4.1 million or over 1.8 times from approximately MOP2.3 million for the year ended 31 December 2018 to approximately MOP6.4 million for the year ended 31 December 2019. The Company’s basic earnings per share for the year ended 31 December 2019 was MOP1.6 cents (2018: MOP0.6 cents), representing an increase of MOP1.0 cents or over 1.7 times which is in line with the profit for the year attributable to owners of the Company when compared to the year ended 31 December 2018. Business Review The Group provides services of (i) fitting-out works as an integrated fitting-out contractor; (ii) construction works as a main contractor; (iii) repair and maintenance services in Macau and Hong Kong; and (iv) food catering services through a restaurant in Macau. During the year ended 31 December 2019, all of the Group’s revenue was derived in Macau and Hong Kong. The Group undertook projects from both private and public sectors and ran a restaurant in Macau. The Group’s customers primarily include (i) hotel and casino developers and owners, international retailers and restaurant owners for fitting-out works; (ii) land owners and the Macau Government for construction works; and (iii) operators of hotels and casinos, retail shops and restaurants for repair and maintenance works. The Group’s revenue comprised (a) fitting-out works; (b) construction works; (c) repairs and maintenance services; and (d) income from restaurant operations. During the year ended 31 December 2019, the total value for the new fitting-out projects awarded to the Group, representing the aggregate awarded contract sum, amounted to approximately MOP264.3 million as compared to the year ended 31 December 2018 of approximately MOP153.7 million. As at 31 December 2019, the Group had an aggregate value of backlog for fitting-out projects and construction projects of approximately MOP52.6 million as compared to approximately MOP33.4 million as at 31 December 2018. Income from restaurant operations in Macau was started late in October 2019. It is a new business for the year ended 31 December 2019. Prospects: Taking an overview of 2019, the global economy continually slowed down, some large-scale gaming companies in Macau will renew their licenses, government and private renovation and construction projects were postponed in succession, and large scale social movement took place in Hong Kong in the second half of the year, all of which have overshadowed the prospects of the market of fitting-out works in Macau and Hong Kong. However, the Group continues to leverage its sound reputation and competitive edge to undertake ongoing fitting-out and construction projects for its existing customers. In response to the poor performance in the market, the Group will step up its efforts to expand its fitting-out business and its market coverage. In addition, the Group will also strengthen its financial capabilities, further consolidate its market position and achieve business growth. As part of the plan to expand revenue base and achieve long-term growth, the Group is now developing and exploring the business opportunities in the up and down stream and has established a company specialising in electrical and mechanical engineering, so as to achieve a diversified operation, aiming to enhance its corporate value and boost shareholders’ returns in the long run. As at date of this announcement, no formal agreement was signed. In the long term, the Group is optimistic about the future development of the Greater Bay Area, which is one of the ambitious development policies in China. This policy aims at facilitating the economic integration between Guangdong Province and the two Special Administrative Regions, promoting cooperation between the three regions and encouraging more investment projects and commercial activities to take place in the Greater Bay Area. These may provide driving force for the property market, which in turn promote the development in fitting-out and construction market. Driven by the development policy of the Greater Bay Area¸ Zhuhai Hengqin launched a new regulation in December 2019 enabling constructors from Hong Kong and Macau to directly practise and engage in project construction in the local area after having completed the legal record filing procedures. For the Group, this regulation is not only a significant business opportunity, but also a chance to expand the market scope of its business. While based in Macau, the Group also keeps an eye on Asia. Currently the development of the Group’s Hong Kong branch gradually matures and has won a certain level of recognition locally. In the future the Group will continue to seek to gain its foothold in the fitting-out market of other Southeast Asian countries, so as to give rise to the sustainable growth of the Group’s revenue. Despite the fact that there are uncertainties in the fitting-out and construction market in Hong Kong and Macau, the management remains cautiously optimistic about the Group’s prospects, and is now ready to make full use of the Greater Bay Area development policy to expand the Group’s market into Mainland China.

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