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Public company info - Maxicity Holdings Limited , 08216.HK
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Maxicity Holdings Limited, 08216.HK - Company Profile
Chairman Ho Ka Ki
Share Issued (share) 400,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Construction & Decoration
Corporate Profile Business Summary: The Group is a slope works contractor in Hong Kong. Performance for the year: Revenue increased from approximately HK$183.9 million for the year ended 31 December 2019 to approximately HK$276.0 million for the year ended 31 December 2020, representing an increase of approximately HK$92.1 million or 50.1%. Gross profit increased significantly by approximately HK$18.2 million, or 54.7%, from approximately HK$33.4 million for the year ended 31 December 2019 to approximately HK$51.6 million for the year ended 31 December 2020. the Group's gross profit margin slightly increased by 0.6% from approximately 18.1% for the year ended 31 December 2019 to approximately 18.7% for the year ended 31 December 2020 which remained broadly stable in both years. Profit and total comprehensive income for the year amounted to approximately HK$39.4 million, increased significantly by approximately HK$32.5 million or 473.1% as compared with HK$6.9 million for the year ended 31 December 2019. Adjusted profit and total comprehensive income for the year ended 31 December 2020 (excluding transfer of listing and related expenses/listing expenses and financial support from the Antiepidemic fund) amounted to approximately HK$36.5 million, as compared to the year ended 31 December 2019 for approximately HK$23.7 million, increased significantly by approximately HK$12.8 million or 54.3%. Business Review The Group is a slope works contractor in Hong Kong. The slope works undertaken by the Group generally involve landslip preventive and remedial works for improving or maintaining the stability of slopes and/or retaining walls. The Group is experienced in undertaking different kinds of slope works which mainly comprise (i) drilling and installation of soil nails; (ii) construction of retaining walls; (iii) installation of debris flow protection rigid barriers; (iv) construction of flexible barrier system; (v) installation of raking drains; (vi) installation of wire meshes and mats for erosion control; (vii) construction of concrete maintenance stairway/access; and (viii) landscape softworks and establishment works. A-City Workshop, the Group’s principal operating subsidiary, is registered under the Buildings Ordinance as a Registered General Building Contractor and a Registered Specialist Contractor under the sub-register of “site formation works”. A-City Workshop is also registered as a Registered Specialist Trade Contractor for reinforcement bar fixing, concreting formwork and concreting and registered as a Registered Subcontractor for earthwork and geotechnical works under Registered Specialist Trade Contractors Scheme in Construction Industry Council. On 18 June 2020, A-City Workshop was approved and was registered as an Approved Specialist Contractor. During the year ended 31 December 2020, the Group undertook 28 contracts with an aggregate contract sum of approximately HK$792.4 million in which the Group had completed 9 contracts with an aggregate contract sum of approximately HK$220.2 million. As at 31 December 2020, the Group had 19 contracts in progress with an aggregate contract sum of approximately HK$572.2 million. Prospects: The estimated revenue of slope works in Hong Kong is forecasted to grow from 2020 to 2025. the Group's executive Directors believe that the development of slope works industry is closely related to the construction industry as a whole, and the slope works industry is expected to benefit from the Promotion of Landslip Prevention and Mitigation Programme (“LPMitP”), continuous demand for slope work from large scale public infrastructure projects and rising supply of residential buildings and slope converted net site area. In order to capture such growth, the Group strengthened the Group's manpower by recruiting additional staff for new slope works projects and were in the process of financing the issue of performance guarantees in favour of the Group's customers for coming projects as stated in the Group's business objectives in the prospectus of the Company dated 30 November 2019 (the “Prospectus”). On 18 June 2020, A-City Workshop Limited (“A-City Workshop”), the Group’s principal operating subsidiary, was approved and was registered as a probationary contractor on the List of Approved Specialist Contractors for Public Works maintained by the Development Bureau under the category of “Landslip preventive/remedial works to slopes/retaining walls” (“Approved Specialist Contractor”). the Group's executive Directors consider that such registration will significantly enhance the Group's market position and facilitate us to expand the Group's market share in the slope works industry in Hong Kong. the Group's rights to tender public slope works directly from the Government of Hong Kong (the “Government”) will give us exposure to more business opportunities and will allow us to capture the forecasted growth in public slope works. In view of the outbreak of novel coronavirus pneumonia (the “Epidemic”) in Hong Kong since January 2020, the Group has implemented measures, including frequent cleaning with disinfectant, ensuring all staffs wear face masks at work, and conducting body temperature test, etc., to protect the health and safety of the employees. the Group will continue to closely monitor the development of the Epidemic and use every effort on Epidemic prevention and control during the Group's daily operations. the Group's Directors believe that Epidemic will not have significant impact on the Group’s continuing business operations.

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