伟工控股年报2022/23

CONTENTS CORPORATE INFORMATION DIRECTORS Executive Directors Mr. Tsang Ka Yip(Chairman)Mr. Tsang Tsz Him PhilipMr. Tsang Tsz Kit Jerry Dr. Lau Chi KeungMr. Chan Tim Yiu RaymondMr. Sze Kwok Wing Nigel Mr. Sze Kwok Wing Nigel(Chairman)Dr. Lau Chi KeungMr. Chan Tim Yiu Raymond NOMINATION COMMITTEE Dr. Lau Chi Keung(Chairman)Mr. Sze Kwok Wing NigelMr. Tsang Ka Yip REMUNERATION COMMITTEE Mr. Chan Tim Yiu Raymond(Chairman)Mr. Sze Kwok Wing NigelMr. Tsang Ka Yip Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 18/F, Tung Hip Commercial Building244-252 Des Voeux Road CentralHong Kong Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor The Hongkong and Shanghai Banking Corporation LimitedBank of China, Hong KongHang Seng Bank Limited CHAIRMAN’S STATEMENT Dear Shareholders, Onbehalf of the board(the“Board”)of directors(the“Directors”) of Wecon Holdings Limited (the “Company”,together with its subsidiaries, the “Group”), I am pleased topresent to our shareholders (the “Shareholders”) the annualreport of our Group for the year ended 31 March 2023 (the“Year”). 20233 31 FINANCIAL HIGHLIGHTS 20223 311,152.720233 31869.0283.724.6%20233 315.920223 318.3 Therevenue of our Group decreased by approximatelyHK$283.7 million or approximately 24.6% from approximatelyHK$1,152.7 million for the year ended 31 March 2022 toapproximately HK$869.0 million for the year ended 31 March2023. The profit attributable to the equity holders for the yearended 31 March 2023 was approximately HK$5.9 million, whichdecreased by approximately HK$8.3 million as compared to thatfor the year ended 31 March 2022. PROSPECTS Duringthe year ended 31 March 2023,the Group wass u c c e s s f u l l ya w a r d e d t h r e e s i z e a b l e c o n t r a c t s f o r r e -development projects from new customers with an aggregatecontract sum of approximately HK$1.5 billion, under whichthe Group acted as main contractor to provide buildingconstruction services. Subsequent to 31 March 2023, the Groupwas successfully awarded an additional sizeable contract with acontract sum of approximately HK$500 million. The Group willcontinue to diversify its customer base by placing more effortin promoting the Group’ s reputation, ensuring projects arecompleted on time with the highest quality and implementingvarious cost-effective measures to improve its competitiveness.The management of the Group still remains prudently optimisticabout the prospects of the construction industry in Hong Kong. 20233 31152023331500 2022740015 In July 2022, Wecon Construction & Engineering Limited (“WeconConstruction”), an indirect wholly-owned subsidiary of theCompany, was admitted to Group C on probation under the“Buildings” category on the List of Approved Contractors forPublic Works (the “Group C”) maintained by the Works Branchof the Development Bureau of the Government of Hong KongSpecial Administrative Region (“HKSAR”), upon which WeconConstruction as the main contractor will be eligible to tender forGroup C contract of contract value exceeding HK$400 millionfrom the Architectural Services Department (“ASD”), subjectto the probationary condition that Wecon Construction cannotundertake more than two Group C contracts nor undertakea total outstanding contract value exceeding the Group Cprobationary limit of HK$1.5 billion at any one time. Themanagement of the Group believes that admission to the GroupC list will allow the Group to tender for more constructionprojects from ASD in terms of quantity as well as contract value,and will demonstrate the capability of the Group in undertakingconstruction projects of larger scale and larger contract sum. As the world economy enters into a period of profoundtransformation, the Group would seek evolution through everyavenue. The Group believes that the building informationmodeling services could differentiate the Group from theGroup’ s competitors through providing creative technicalsolutions to the Group’ s customers. Going forward, the Groupplans to invest in building construction related services thatwill enhance the Group’ s capabilities and provide synergies tothe existing business of the Group, while the Group strives tomaintain high quality and workmanship which the Group hasbeen delivering to its customers. APPRECIATION On behalf of the Board, I would like to express my heartfeltgratitude to our Shareholders, institutional investors, customers,bankers, suppliers, subcontractors and business partners fortheir continuous support to and confidence in the Group. Iwould also like to take this opportunity to express my sincerethanks to our management team and all staff members for theireffort and significant contribution to the Group. Mr. Tsang Ka YipChairman and Chief Executive Officer Hong Kong, 29 June 2023 2023629 MANAGEMENT DI