Proposed a final dividend of HK1.8 cents per share

Highlights:

• Revenue generated from environmental operations increased by 49.8% to approximately HK$213.9 million.
• Gross profit increased by 19.3% to approximately HK$306.0 million.
• Basic earnings per share was HK14.38 cents. The Board recommended the payment of final dividend of HK1.8 cents per share.

Financial Highlights:

For the year ended 31 Dec 2023
HK$'000	2023	2022(Restated)	Change
Revenue	5,445,560	6,409,429	-15.0%
Building Construction Works Repair, Maintenance, Alteration and Addition ("RMAA") Environmental Operations	4,703,000 528,681 213,879	4,995,343 1,271,246 142,840	-5.9% -58.4% +49.8%
Gross profit	305,991	256,498	+19.3%
Gross profit margin	5.6%	4.0%	+1.6 ppts.
Net profit	72,225	72,940	-1.0%
Earnings per share (HK cents)	14.38	14.42	-0.3%

HONG KONG SAR - Media OutReach Newswire - 22 March 2024 - CR Construction Group Holdings Limited ("CR Construction" or the "Company", together with its subsidiaries, the "Group"; stock code: 1582.HK), a building contractor in Hong Kong, announced its annual results for the year ended 31 December 2023 (the "Financial Year under Review"). During the Financial Year under Review, the revenue recorded by the Group amounted to approximately HK$5,445.6 million representing a decrease of approximately 15.0% as compared to approximately HK$6,409.4 million for the year ended 31 December 2022 (the "Corresponding Period Last Year"). Net profit of the Group during the Financial Year under Review was approximately HK$72.2 million, representing a decrease of 1.0% as compared to the Corresponding Period Last Year. During the Financial Year under Review, gross profit of the Group was approximately HK$306.0 million, representing an increase of approximately 19.3% as compared to approximately HK$256.5 million for the Corresponding Period Last Year. The Group's gross profit margin was approximately 5.6% and 4.0% for the year ended 31 December 2023 and 2022, respectively. During the Financial Year under Review, earnings per share of the Group was approximately HK14.38 cents (for the year ended 31 December 2022: HK14.42 cents). The Board recommended the payment of final dividend of HK1.8 cents per share. BUSINESS REVIEWConstruction Operations Building Construction Works For the year ended 31 December 2023, the revenue generated from the building construction works was HK$4,703.0 million, representing a decrease of approximately 5.9% as compared to approximately HK$4,995.3 million for the year ended 31 December 2022. During the Financial Year under Review, the gross profit of building construction works was approximately HK$204.4 million, representing an increase of approximately 38.9% as compared to approximately HK$147.2 million for the Corresponding Period Last Year. The gross profit margin increased to approximately 4.3% for the year ended 31 December 2023. Repair, Maintenance, Alteration and Addition ("RMAA") The revenue generated from the RMAA works decreased by approximately 58.4% from approximately HK$1,271.3 million for the year ended 31 December 2022 to approximately HK$528.7 million for the year ended 31 December 2023. The decrease was mainly attributable to existing projects were closed to completion during the Financial Year under Review. During the Financial Year under Review, the gross profit of RMAA works was approximately HK$61.7 million, representing a decrease of approximately HK$11.7 million from the gross profit of approximately HK$73.4 million for the year ended 31 December 2022. The gross profit margin increased to approximately 11.7% for the year ended 31 December 2023. The decrease in the gross profit and increase in gross profit margin was mainly due to decrease in revenue from RMAA works projects with higher gross profit margin during the Financial Year under Review. Environmental Operations For the year ended 31 December 2023, the revenue generated from the environmental operations was approximately HK$213.9 million, representing an increase of approximately 49.8% as compared to approximately HK$142.8 million for the year ended 31 December 2022. The increase was mainly attributable to increase in revenue from new and existing projects from construction and rehabilitation services during the Financial Year under Review. During the Financial Year under Review, the respective gross profit was approximately HK$39.9 million, representing an increase of approximately HK$4.0 million as compared to...