Launch of an AI-Driven Interior Design Platform “Oodles Smart” to Provide Innovative Experience
Highlights
- 2023 net profit is approximately HK$22.2 million, representing an increase of approximately 39.5%, as compared to the 2022 adjusted one.
- Revenue increased 23.0% to approximately HK$1,008.1 million.
- Gross profit increased 13.6% to approximately HK$129.6 million.
- Launch of “Oodles Smart,” an interior design platform driven by AI technology, for the purposes of cost savings and efficiency improvement.
| Financial Highlights | ||||
| Year ended 31 December | ||||
| HK$’000 | 2023 | 2022 | Change | |
| Revenue | 1,008,101 | 819,302 | +23.0% | |
| Gross profit | 129,565 | 114,023 | +13.6% | |
| Gross profit margin | 12.9% | 13.9% | -1.0 p.p. | |
| Net profit for the year attributable to owners of the Company | 22,168 | 28,065 | -21.0% | |
| Adjusted profit for the year attributable to owners of the Company | 22,168 | 15,887* | +39.5% | |
| Earnings per share (HK cents) | 2.77 | 3.51 | -21.1% | |
*Excluding the exceptional item under the period of COVID-19, i.e., the subsidy granted under the Employment Support Scheme.
HONG KONG SAR – Media OutReach Newswire – 27 March 2024 – As a leading fitting-out contractor in Hong Kong, Superland Group Holdings Limited (the ‘Company”, together with its subsidiaries, collectively the “Group”; Stock Code: 0368.HK), announced its annual results for the year ended 31 December 2023 (“Financial Year”). During the Financial Year, the Group recorded an increase in both revenue and (adjusted) net profit. Profit for the Financial Year attributable to owners of the Company is approximately HK$22.2 million, representing an increase of approximately 39.5%, as compared to the adjusted one for the year ended 31 December 2022. The revenue of the Group amounted to approximately HK$1,008.1 million, representing an increase of approximately 23.0% as compared to the one for the year ended 31 December 2022. The gross profit of the Group for the Financial Year increased approximately 13.6% to approximately HK$129.6 million. During the Financial Year, basic earnings per share is approximately HK2.77 cents.
Business Review
The Group is an established contractor based in Hong Kong, providing professional fitting-out services and repair and maintenance services with the qualification as a registered electrical contractor, subcontractor and minor work contractors.
The Group’s technology and technical solutions, including the “Oodles Smart Solution”, for previewing interior designs and making online modifications on a real time basis by artificial intelligence, has been officially launched in March this year. The patented and user-oriented “Cubicles and Smart Washroom Solution” for offering smart washroom experience and the “Oodles Transformer” for users’ space planning through transformable furniture, were also successfully launched in the market. The realisation of opportunities arising from these technologies and technical solutions will add value to the Group and diversify the business of the Group in the future.
The Group is principally engaged in the provision of fitting-out services and repair and maintenance services for residential and commercial properties in Hong Kong. During the year, fitting-out services is accounted for approximately 99.8% of the total revenue, representing approximately HK$1,005.6 million. In comparison, repair and maintenance services are accounted for approximately HK$2.5 million.
As at 31 December 2023, the Group had a total of 51 (31 December 2022: 46) fitting-out projects on hand, which included fitting-out projects that have commenced but not yet completed and fitting-out projects that have been awarded to the Group but not yet commenced, with an aggregate total contract sum of approximately HK$4,129 million (31 December 2022: approximately HK$3,822 million). Among these projects on hand, 30 projects were with total contract sum of approximately HK$50 million or above. As at 31 December 2023, the aggregate total contract sum of these 30 projects amounted to approximately HK$3,663 million (31 December 2022: 28 projects: approximately HK$3,451 million).
Business Prospect
As supported by the 2023 Policy Address of Hong Kong, the Government of HKSAR will develop land resources in a persistent manner to satisfy the housing demand. Therefore, the Group expects that the business of the Group will remain stable in the fitting-out industry in Hong Kong in the long term. The Group will devote necessary resources to further increase its market share if appropriate.
The Group has successfully demonstrated its innovation competence and leading position by the integration of its technologies and technical solutions with big data and artificial intelligence which was fully recognised by the market over the past few years. The Group will continue to develop and apply its technologies and technical solutions in a diversified manner for further improving project management efficiency and assisting industry development so as to create long-term value for our stakeholders.
Looking ahead, the Board remains prudent and optimistic about the prospects of the Group’s business in the long term. The Group will continue to adopt a very cautious approach to ensure corporate sustainability in 2024. The Group will consider monitoring its working capital management closely. The Group will also closely and carefully monitor the latest development in its core business and the potential realisation and commercialisation of its technologies and technical solutions; and adjust its business strategies from time to time if required.
Mr. Ng Chi Chiu, Chairman of the Group, CEO and Executive Director, said, “The Group is committed to improving quality and making breakthroughs of the industry through technology. Recently, we have launched ‘Oodles Smart,’ the AI-driven interior design platform. The Platform provides not only the industry with an online product display room, which is not limited by time, space and region, but also the public with a novel experience of home design.”
