88IV - Public company info - Chinney Kin Wing Holdings Ltd.

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Chinney Kin Wing Holdings Ltd., 01556.HK - Company Profile
Chairman	Yuen-Keung CHAN
Share Issued (share)	1,500,000,000
Par Currency	Hong Kong Dollar
Par Value	0.1
Industry	Infrastructure
Corporate Profile	Business Summary: The principal activities of group includes foundation construction and drilling and site investigation works for both public and private sectors in Hong Kong and overseas. Performance for the year: The Group’s revenue was increased by 4.9% to HK$1,304 million for the year ended 31 December 2019 (2018: HK$1,243 million). The profit and total comprehensive income for the year 2019 and 2018 was maintained at HK$57.6 million. Business Review The increase of the Group’s revenue was primarily due to increased revenue contribution from DrilTech “Down-thehole” projects in the reporting year, together with steady revenue contributions from major foundation contracts actively in progress during 2019. Intense competition amongst foundation market players had suppressed the bidding prices and increasing direct material costs and labour wages further deteriorated the industry’s already slim contract profits. With the Group’s persistent and stringent control on administrative expenditures, we were able to minimise further reduction of our gross profit to maintain the Group’s net profit for the reporting year at the same level as that of the previous corresponding year. Despite the many challenges presented in 2019, the Group remained financially sound and debt-free throughout the year. Prospects: The uncertain economic and political environment in Hong Kong and worldwide will no doubt continue to pose significant challenges for our Group. The foundation industry remained highly competitive in 2019 due to a large number of active contractors in the market, resulting in overall tender prices, both in the public and private sectors, being conservative in order to win contracts. Moreover, demanding contract requirements and increasing contract complexities will result in extra construction costs and likely deteriorate slim contract profits further. To cope with these challenges, the Group will continue to sharpen its edges by implementing a number of strategic improvements: from improved cost control measures on projects, to strengthening project management teams, to optimising our design capabilities and flexibility, and to increasing our production efficiency. The Group management will continue to closely monitor all developments in the Hong Kong economy and foundation industry and accordingly adjust our marketing strategies as needed. With our long-established reputation, listing platform and healthy financial position, we are optimistically confident in the long-term development of the foundation industry and our Group’s sustainable growth in the future.

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