Grand Ming Group Holdings Limited announced its annual results for the year that ended on 31 March 2020 (“FY 2019/20”).
Here are some of the key highlights:
- The revenue has increased 47.1% from the previous financial year amounting to HK$902.6 million.
- Net profit decreased by 77.3% to HK$33.8 million and underlying profit decreased by 65.9% to HK$44.2 million.
- Proposed final dividend is 4.0 HK cents per share.
- Proposed bonus issue based on bonus share for every one and existing share holding.
- Remains cautious in acquiring land and properties due to economic uncertainty while striving to extend its market.
The Group’s consolidated revenue increased by 47.1% . The increase was mainly due to revenue generated from a new building construction contract in Kai Tak and the sales of five units of Cristallo during the FY 2019/20.
The Group’s underlying profit for FY 2019/20 presents a drop of 65.9% . The increase in selling prices due to advertising and marketing expenses in the sales campaign of the Grand Marine and increase in depreciation charges from the renovation and equipment in the sales office were the main causes behind the drop in profit.
The Group follows a policy of rewarding the shareholders participating in the Group’s profit.The revenue derived from the construction business increased by 87.7% . The increase was mainly due to a new construction project at Kai Tak.
The Group has two high-tier data centre buildings, namely iTech Tower 1 and iTech Tower 2, which offers stable rental income. As at 31 March 2020, binding commitments have been secured on all the raised floor area space of iTech Tower 2. For FY 2019/20, revenue derived from this segment decreased by approximately 8.2% due to reduction of rents since there was a lower electricity consumption by the tenant of iTech Tower 1 during the year under review.
The Group’s first property project at 18 Sai Shan Road, Tsing Yi, New Territories is now named “The Grand Marine”. This project will provide 776 residential units in two towers with both one-bedroom to four-bedroom facilities and special units.The foundation works has been completed.The development is expected to be completed in late 2021. The project had received overwhelming response.
The Group’s another well-known residential development project is CRISTALLO. Thi Group also entered into eight provisional sales and purchase agreements in respect of sales of eight apartments with aggregate contract sum of approximately HK$405.7 million. Completions of these eight apartments are scheduled to take place from June 2020 to October 2021.
Mr. Chan Hung Ming, Chairman and Executive Director of Grand Ming Group Holdings said that this year has been very challenging as Hong Kong was undergoing economic crisis from mid 2019 till beginning of 2020.The Group is in a constant endeavor to get suitable opportunities for land and properties acquisition to increase their land reserve. The success of the Grand Marine project paved a strong foundation for the Group’s future property development business.They plan to extend their market reach into Mainland China.They are also investing and upgrading their existing infrastructure and facilities of the data centres to cater for customers’ needs.The Group is looking for new sites in the territory and elsewhere outside Hong Kong.
About Grand Ming Group Holdings Limited
The Group is in the business of building construction, property leasing and property development.It is one of the dedicated service providers in Hong Kong which owns and uses the entire building for leasing to customers for data center use. Its has a global network of clients from multinational data centre operator, telecommunications company and financial institutions. It has more than 20 years of experience in the construction industry, The Group also provides building construction services and is involved in residential property development projects with prominent local developers.It also offers renovation and fitting-out services for existing buildings in Hong Kong.