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Public company info - Lapco Holdings Limited , 08472.HK
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Lapco Holdings Limited, 08472.HK - Company Profile
Chairman LAM Pak Ling
Share Issued (share) 400,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Other Support Services
Corporate Profile Business Summary: The group is an established and one-stop environmental hygiene service provider based in Hong Kong, providing four major types of environmental hygiene services, namely (a) cleaning services; (b) pest management services; (c) waste management and recycling services; and (d) landscaping services. Performance for the year: The Group’s revenue for the years ended 31 December 2020 and 2019 were approximately HK$665.8 million and HK$579.9 million, respectively, representing an increase of approximately 14.8%. The profit attributable to the Shareholders for the year ended 31 December 2020 amounted to approximately HK$18.4 million as compared to the loss attributable to the Shareholders of approximately HK$16.1 million for the year ended 31 December 2019. Business Review: The Group is an established and one-stop environmental service provider based in Hong Kong. The Group’s environmental hygiene services cover four types, namely (a) cleaning services; (b) pest management services; (c) waste management and recycling services; and (d) landscaping services. The Group provide the Group’s environmental hygiene services to a wide range of venues including streets, cultural, leisure and recreational premises, residential premises, commercial buildings, markets, restaurants and academic institutions etc. The Group’s major customers during the year ended 31 December 2020 include various departments of the Hong Kong Government, property management companies and other corporations in the private sector. The substantial improvement in financial performance in the Reporting Period was mainly driven by the award of new tender contracts with higher profit margins, and the receipt of the Employment Support Scheme, the anti-epidemic fund subsidy of commercial vehicles and other income from administration fee on anti-epidemic fund for cleansing workers, as well as the strategies of enhancing the Group’s operational efficiency. Moreover, public and private organizations have stepped up epidemic prevention efforts in response to the spread of COVID-19, which also resulted in an increase in the demand for cleaning services of the Group. During the Reporting Period, the competition in the environmental hygiene service industry remained keen. Shortage of labour and high operating costs, particularly the insurance expenses, labour costs, vehicle expenses, legal and professional expenses continued to be the challenges of the business. However, the overall administrative expenses decreased slightly, which was mainly attributable to the decrease in life insurance charges and the postponement of companies activities due to the outbreak of COVID-19. During the Reporting Period, the Group provided tenders and quotations for the Group’s street cleaning solutions. As at the date of this announcement, the Group had submitted ten subsisting tenders for the Group’s street cleaning solutions. The Group is optimistic about the prospects of the environmental cleaning service industry, and thereby have been investing on purchase of additional motor vehicles, cleaning machinery and equipment so as to expand the Group’s business and enhance the Group’s ability to undertake more projects. Furthermore, the Group intend to build on the Group’s track record and capitalize on the Group’s customer relationship to secure additional opportunities to offer the Group’s services. The Group believe that the Group’s long-standing relationship with some of the Group’s key customers does provide us with significant advantages to strengthen the Group’s market share. As many of the Group’s customers, such as government departments of Hong Kong and property management companies, have multiple projects in Hong Kong, the Group will continue to foster their confidence in the Group’s service delivery with a view to identifying and acquiring new opportunities to serve them. Undoubtedly, the Group intend to secure more tender contracts with both government departments of Hong Kong and private sectors that have not previously engaged the Group’s service. With the Group’s considerable resources, including the Group’s stable and sizeable labour force and growing fleet of specialized vehicles, the Group believe that the Group is particularly well-equipped to undertake new projects of government departments of Hong Kong and private sectors, which generally require cleaning services providers with substantial resources, such as the Group, to undertake their medium-size and large scale projects. The Group have been cautious when bidding tenders, and will continue to invest resources to secure more promising business with higher gross profit from both public and private sectors to strengthen the business foundation. During the Reporting Period, this strategy was successful, and the profit margins of street cleaning contracts, which account for the largest proportion of the Group’s business, were greatly improved. By bolstering the Group’s sales and marketing manpower to promote the Group’s brand recognition in the coming years, the Group will endeavour to become more competitive and be able to compete for more sizeable and profitable projects. In addition to the Group’s focus on the environmental hygiene business, the Group is open to the investment in other projects with an expectation to inject fresh impetus to the Group and bring long-term benefits to the Group’s shareholders. According to the announcement of the Company dated 22 July 2020 (the “Announcement”) in relation to the entering into a memorandum of understanding with Zhongfeng International Investment Holdings Group Co., Limited in respect of the possible subscription of convertible bonds, details of which are set out in the announcement on the same day, the parties have not entered into a legally-binding agreement subsequently and the memorandum of understanding shall be deemed to be lapsed and terminated. Prospects: Looking ahead, the global and local economies are expected to continue to fluctuate due to COVID-19 epidemic. The Group will remain vigilant and actively respond to the impact of the epidemic on the Group’s operation and financial position, and will fully support the anti-epidemic work in Hong Kong on an on-going basis and to contribute to the society by the Group’s professional services. Although the environment in the future is still full of challenges and uncertainties, with the increasing public awareness of environmental hygiene and health as well as the escalating demand for services in response to the long-term anti-epidemic efforts, the Group is optimistic and confident about the future of the environmental hygiene service industry.

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