On behalf of the Board of Directors of In Construction Holdings Limited (the “Company”), I am pleased to present you with the annual report for the year ended 31 March 2020 (the “Financial Year 2019/20”).
Founded in 1996, our Company is an experienced general and foundation contractor serving the Hong Kong building and construction industries by offering quality and flexible solutions to our customers. Using our ability to solve different and complex issues on construction projects, we continue to build trust and credibility with our existing and new customers. We could not have done it without the support of our business partners who have been working with us over the years. The implementation of our self-developed, successful formula in project management, together with our strong bond with our customers and partners, has enabled us to withstand the up and down in market conditions that we experienced since the beginning.
Though we are faced with ever increasing competition among contractors in tendering for new projects, we are mindful to maintain our profit margin to safeguard our shareholders’ interests. Nevertheless, we remain confident and are well-positioned in the market as our operation model of subcontracting works allows us flexibility to remain resilient to adverse impact. In this financial year, facing strong competitions, we are still able to be awarded 5 new contracts with an aggregate contract sum of HK$392.2 million, as compared to 3 new contracts with an aggregate contract sum of HK$558.1 million in last financial year.
Looking ahead, it is expected that 2020 will be filled with more uncertainties as a result of the outbreak of pandemic and the social unrests in Hong Kong. At the beginning of the outbreak of the COVID-19, it had led to supply chain disruptions and delays in delivering raw materials from the Mainland China while the social unrests in Hong Kong forced the workmen to report their duties late and/or need early departure to/from work to avoid disruptions of the public transportation system whilst protests had affected the construction progress.
In facing the above, nevertheless we will continue to adhere to our strategy of focusing on ‘design and build’ projects. With our long established standing in the construction industry, our experienced management team, the listing platform and healthy financial position, our management team will use their best endeavor to build value over the medium to long term for our shareholders.
On the behalf of our board, I would like to express our sincere gratitude to our management team and all our staff for their hard work and dedication, as well as our shareholders, business associates and other professional parties for their support at this uncertain time.