Ming Shing Group Holdings Limited Announces Unaudited Financial Results For The Six Months Ended September 30, 2024
Ming Shing Group Holdings (Nasdaq: MSW), a provider of wet trades works services in Hong Kong, has released its unaudited financial results for H1 2024. The company reported a 31.8% revenue increase to US$17.4 million, up from US$13.2 million in H1 2023, primarily due to an increase in awarded projects.
The company's gross profit grew by 23.7% to US$2.4 million, though gross profit margin decreased by 0.9% to 13.8% due to increased subcontracting costs and project delays. Net income slightly decreased by 2.7% to US$984,549, mainly affected by increased bank and borrowing interest costs.
The company recently achieved a significant milestone with its Nasdaq Capital Market listing on November 22, 2024, trading under the ticker MSW. Management expressed confidence in their position to capture growth in Hong Kong's wet trades works market.
Ming Shing Group Holdings (Nasdaq: MSW), un fornitore di servizi nel settore dei lavori umidi a Hong Kong, ha pubblicato i suoi risultati finanziari non revisionati per il primo semestre del 2024. L'azienda ha riportato un aumento del fatturato del 31,8% a 17,4 milioni di dollari, rispetto ai 13,2 milioni di dollari del primo semestre del 2023, principalmente a causa di un incremento nei progetti assegnati.
Il profitto lordo dell'azienda è cresciuto del 23,7% a 2,4 milioni di dollari, sebbene il margine di profitto lordo sia diminuito dello 0,9% al 13,8% a causa dell'aumento dei costi di subappalto e dei ritardi nei progetti. Il reddito netto è leggermente diminuito del 2,7% a 984.549 dollari, principalmente influenzato dall'aumento dei costi di interesse bancario e di prestiti.
L'azienda ha recentemente raggiunto un traguardo significativo con la sua quotazione al Nasdaq Capital Market il 22 novembre 2024, negoziando con il ticker MSW. La direzione ha espresso fiducia nella propria posizione per cogliere le opportunità di crescita nel mercato dei lavori umidi di Hong Kong.
Ming Shing Group Holdings (Nasdaq: MSW), un proveedor de servicios de trabajos húmedos en Hong Kong, ha publicado sus resultados financieros no auditados para el primer semestre de 2024. La empresa reportó un aumento del 31,8% en los ingresos a 17,4 millones de dólares, frente a los 13,2 millones de dólares del primer semestre de 2023, principalmente debido a un aumento en los proyectos adjudicados.
El beneficio bruto de la empresa creció un 23,7% hasta 2,4 millones de dólares, aunque el margen de beneficio bruto disminuyó un 0,9% hasta el 13,8% debido al aumento de los costos de subcontratación y los retrasos en los proyectos. El ingreso neto disminuyó ligeramente un 2,7% hasta 984,549 dólares, afectado principalmente por el aumento de los costos de intereses bancarios y de préstamos.
Recientemente, la empresa alcanzó un hito significativo con su cotización en el Nasdaq Capital Market el 22 de noviembre de 2024, negociando bajo el ticker MSW. La dirección expresó confianza en su posición para capturar el crecimiento en el mercado de trabajos húmedos de Hong Kong.
밍싱 그룹 홀딩스 (Nasdaq: MSW), 홍콩의 습식 작업 서비스 제공업체, 가 2024년 상반기 비감사 재무 결과를 발표했습니다. 회사는 31.8%의 매출 증가를 보고하며, 2023년 상반기의 1320만 달러에서 1740만 달러로 증가했습니다. 이는 주로 수여된 프로젝트의 증가에 기인합니다.
회사의 총 이익은 23.7% 증가하여 240만 달러에 달했지만, 총 이익률은 하도급 비용 증가와 프로젝트 지연으로 인해 0.9% 감소하여 13.8%를 기록했습니다. 순이익은 은행 및 차입 이자 비용 증가로 인해 2.7% 감소하여 984,549달러에 이릅니다.
회사는 최근 2024년 11월 22일 나스닥 자본 시장 상장이라는 중요한 이정표를 달성했으며, MSW라는 티커로 거래되고 있습니다. 경영진은 홍콩의 습식 작업 시장에서 성장을 포착할 수 있는 위치에 대한 자신감을 표현했습니다.
Ming Shing Group Holdings (Nasdaq: MSW), un fournisseur de services de travaux humides à Hong Kong, a publié ses résultats financiers non audités pour le premier semestre 2024. L'entreprise a signalé une augmentation de 31,8% de son chiffre d'affaires à 17,4 millions de dollars, contre 13,2 millions de dollars au premier semestre 2023, principalement en raison d'une augmentation des projets attribués.
Le bénéfice brut de l'entreprise a augmenté de 23,7% pour atteindre 2,4 millions de dollars, bien que la marge brute ait diminué de 0,9% à 13,8% en raison de l'augmentation des coûts de sous-traitance et des retards de projets. Le revenu net a légèrement diminué de 2,7% à 984 549 dollars, principalement affecté par l'augmentation des coûts d'intérêts bancaires et d'emprunts.
L'entreprise a récemment atteint un jalon important avec sa cotation sur le Nasdaq Capital Market le 22 novembre 2024, négociant sous le symbole MSW. La direction a exprimé sa confiance dans sa position pour capter la croissance sur le marché des travaux humides à Hong Kong.
Ming Shing Group Holdings (Nasdaq: MSW), ein Anbieter von Dienstleistungen im Bereich der Nassarbeiten in Hongkong, hat seine ungeprüften Finanzergebnisse für das erste Halbjahr 2024 veröffentlicht. Das Unternehmen berichtete von einem Umsatzanstieg von 31,8% auf 17,4 Millionen US-Dollar, im Vergleich zu 13,2 Millionen US-Dollar im ersten Halbjahr 2023, was hauptsächlich auf einen Anstieg der vergebenen Projekte zurückzuführen ist.
Der Bruttogewinn des Unternehmens wuchs um 23,7% auf 2,4 Millionen US-Dollar, obwohl die Bruttomarge um 0,9% auf 13,8% sank, was auf gestiegene Subunternehmerkosten und Projektverzögerungen zurückzuführen ist. Der Nettoertrag sank leicht um 2,7% auf 984.549 US-Dollar, hauptsächlich beeinflusst durch gestiegene Bank- und Kreditkosten.
Das Unternehmen hat kürzlich einen bedeutenden Meilenstein mit seiner Notierung am Nasdaq Capital Market am 22. November 2024 erreicht, wo es unter dem Ticker MSW gehandelt wird. Das Management äußerte Vertrauen in seine Position, um Wachstum im Markt für Nassarbeiten in Hongkong zu erfassen.
- Revenue increased 31.8% to US$17.4 million
- Gross profit grew 23.7% to US$2.4 million
- Successfully listed on Nasdaq Capital Market
- Increased number of awarded projects
- Gross profit margin declined by 0.9% to 13.8%
- Net income decreased 2.7% to US$984,549
- Higher interest expenses from bank borrowings
- Project delays affecting operational efficiency
Insights
Ming Shing Group's H1 2024 financial results present a mixed performance with strong growth in certain areas offset by profitability challenges. The company achieved impressive revenue growth of 31.8% year-over-year to
However, several concerning trends emerge beneath these headline figures. The gross profit margin contracted from
This disconnect between top-line growth and bottom-line performance suggests operational inefficiencies and increasing financial leverage that's weighing on profitability. While the company's recent Nasdaq listing (November 2024) represents a significant milestone that may enhance capital access and visibility, investors should note the declining profit margins and higher debt servicing costs that are eroding the benefits of revenue growth. The company needs to address these operational challenges to translate its expanding business volume into improved shareholder returns.
Hong Kong, March 21, 2025 (GLOBE NEWSWIRE) -- Ming Shing Group Holdings Limited (“MSW” or the “Company”) (Nasdaq: MSW) is an exempted company with limited liability incorporated under the laws of the Cayman Islands with no material operations of its own. The Company, through its indirectly wholly-owned operating subsidiaries, MS (HK) Engineering Limited and MS Engineering Co., Limited, is engaged in wet trades works services in Hong Kong. The Company today announced its unaudited financial results for the six months ended September 30, 2024.
First Half of 2024 Financial and Operating Highlights
| ● | Total revenue increased by | |
| ● | Gross profit increased by | |
| ● | Net income and total comprehensive income decreased by | |
Mr. Chi Ming Lam, Chief Executive Officer of the Company, commented, “In our operating history of approximately ten years, we have focused on providing wet trades work services in the role of a subcontractor. We take pride in our portfolio in wet trades works. In the six months ended September 30, 2024 we continue to provide quality wet trades works to our customers and expand our business. Leveraging our established track record, our expertise in wet trades operations and our experienced management team, we believe we are well-positioned to capture the growth of the wet trades works market in Hong Kong and expand our business.”
“We are also proud to announce that the Company has listed its shares on the Nasdaq Capital Market on November 22, 2024 and the shares of the Company are now trading on the Nasdaq under ticker “MSW.” We believe the listing on Nasdaq is an important milestone for the Company. We will actively explore options for the Company to grow further and create value for our shareholders” concluded Mr. Lam.
FINANCIAL RESULTS
Revenue
Revenue increased by
Cost of revenue
Cost of revenue increased by
Gross profit and gross profit margin
The gross profit increased by
Net income and total comprehensive income
Net income and total comprehensive income decreased by
About Ming Shing Group Holdings Limited
Ming Shing Group Holdings Limited is a Hong Kong-based company mainly engaged in wet trades works, such as plastering works, tile laying works, brick laying works, floor screeding works and marble works. With a mission to become the leading wet trades works services provider in Hong Kong and the United States, the Company strives to provide quality services that comply with its customers’ quality standards, requirements, and specifications. The Company conducts its business through its two wholly-owned Hong Kong operating subsidiaries, MS (HK) Engineering Limited and MS Engineering Co. Limited. MS (HK) Engineering Limited is a registered subcontractor and a registered specialist trade contractor under the Registered Specialist Trade Contractors Scheme of the Construction Industry Council and undertakes both private and public sector projects, while MS Engineering Co., Limited mainly focuses on private sector projects. For more information, please visit the Company’s website: https://ir.ms100.com.hk.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “aim”, “anticipate”, “believe”, “estimate”, “expect”, “going forward”, “intend”, “may”, “plan”, “potential”, “predict”, “propose”, “seek”, “should”, “will”, “would” or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
For more information, please contact:
Ming Shing Group Holdings Limited
Investor Relations Department
Email: ir@ms100.com.hk
Ming Shing Group Holdings Limited and its subsidiaries
Unaudited Interim Condensed Consolidated Balance Sheets
| September 30, | March 31, | |||||||
| 2024 | 2024 | |||||||
| US$ | US$ | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 1,257,540 | 1,080,514 | ||||||
| Accounts receivable, net | 1,755,696 | 1,643,568 | ||||||
| Contract assets | 6,207,838 | 6,098,497 | ||||||
| Due from a related party | - | - | ||||||
| Deposits, prepayments and other current assets | 58,966 | 20,925 | ||||||
| Total current assets | 9,280,040 | 8,843,504 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 1,181,558 | 1,223,100 | ||||||
| Right-of-use assets – finance lease | 186,347 | 216,065 | ||||||
| Life insurance policy, cash surrender value | 165,744 | 160,891 | ||||||
| Contract assets | 495,195 | 740,600 | ||||||
| Deferred costs | 1,022,286 | 704,568 | ||||||
| Deferred tax assets | 58,100 | 150 | ||||||
| Total non-current assets | 3,109,230 | 3,045,374 | ||||||
| Total assets | 12,389,270 | 11,888,878 | ||||||
| Current liabilities | ||||||||
| Accounts payable | 2,841,878 | 3,166,177 | ||||||
| Bank and other borrowings | 5,047,454 | 3,818,453 | ||||||
| Finance lease liabilities | 68,811 | 67,372 | ||||||
| Accrued expenses and other current liabilities | 10,000 | 136,791 | ||||||
| Income tax payable | 577,631 | 552,670 | ||||||
| Total current liabilities | 8,545,774 | 7,741,463 | ||||||
| Non-current liabilities | ||||||||
| Bank borrowings | 2,889,630 | 3,033,780 | ||||||
| Finance lease liabilities | 79,747 | 114,495 | ||||||
| Deferred tax liabilities | - | 878 | ||||||
| Total non-current liabilities | 2,969,377 | 3,149,153 | ||||||
| Total liabilities | 11,515,151 | 10,890,616 | ||||||
| Shareholders’ equity | ||||||||
| Ordinary shares, 100,000,000 shares authorized; USD0.0005 par value, 11,250,000 and 11,250,000 shares issued and outstanding, as of September 30, 2024 and March 31, 2024, respectively | 5,625 | 5,625 | ||||||
| Subscription receivable | (5,625 | ) | (5,625 | ) | ||||
| Additional paid in capital | 1,282 | 1,282 | ||||||
| Retained earnings | 872,837 | 996,980 | ||||||
| Total shareholders’ equity | 874,119 | 998,262 | ||||||
| Total liabilities and shareholders’ equity | 12,389,270 | 11,888,878 | ||||||
Ming Shing Group Holdings Limited and its subsidiaries
Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income
| For the six months ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| US$ | US$ | |||||||
| (unaudited) | (unaudited) | |||||||
| Revenue | 17,408,116 | 13,211,196 | ||||||
| Cost of revenue | (15,009,261 | ) | (11,271,599 | ) | ||||
| Gross profit | 2,398,855 | 1,939,597 | ||||||
| Operating expenses | ||||||||
| General and administrative expenses | (995,737 | ) | (556,546 | ) | ||||
| Total operating expenses | (995,737 | ) | (556,546 | ) | ||||
| Income from operations | 1,403,118 | 1,383,051 | ||||||
| Other (expense) income | ||||||||
| Interest expense, net | (221,609 | ) | (133,888 | ) | ||||
| Other income | 398 | 9,010 | ||||||
| Total other (expense) income, net | (221,211 | ) | (124,878 | ) | ||||
| Income before tax expense | 1,181,907 | 1, 258,173 | ||||||
| Income tax expense | (197,358 | ) | (246,276 | ) | ||||
| Net income and total comprehensive income | 984,549 | 1,011,897 | ||||||
| Net income per share attributable to ordinary shareholders | ||||||||
| Basic and diluted | 0.09 | 0.09 | ||||||
| Weighted average number of ordinary shares used in computing net income per share | ||||||||
| Basic and diluted | 11,250,000 | 11,250,000 | ||||||
Ming Shing Group Holdings Limited and its subsidiaries
Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity
| Ordinary Shares | Additional | Total | ||||||||||||||||||||||
| Number of shares | Amount | Subscription receivable | paid in capital | Retained Earnings | Shareholders’ Equity | |||||||||||||||||||
| US$ | US$ | US$ | US$ | US$ | ||||||||||||||||||||
| Balance as of April 1, 2023 | 11,250,000 | 5,625 | (5,625 | ) | 1,282 | 381,608 | 382,890 | |||||||||||||||||
| Net profit for the period (unaudited) | - | - | - | - | 1,011,897 | 1,011,897 | ||||||||||||||||||
| Dividend declared (unaudited) | - | - | - | - | (1,116,737 | ) | (1,116,737 | ) | ||||||||||||||||
| Balance as of September 30, 2023 (unaudited) | 11,250,000 | 5,625 | (5,625 | ) | 1,282 | 276,768 | 278,050 | |||||||||||||||||
| Ordinary Shares | Additional | Total | ||||||||||||||||||||||
| Number of shares | Amount | Subscription receivable | paid in capital | Retained Earnings | Shareholders’ Equity | |||||||||||||||||||
| US$ | US$ | US$ | US$ | US$ | ||||||||||||||||||||
| Balance as of April 1, 2024 | 11,250,000 | 5,625 | (5,625 | ) | 1,282 | 996,980 | 998,262 | |||||||||||||||||
| Net profit for the period (unaudited) | - | - | - | - | 984,549 | 984,549 | ||||||||||||||||||
| Dividend declared (unaudited) | - | - | - | - | (1,108,692 | ) | (1,108,692 | ) | ||||||||||||||||
| Balance as of September 30, 2024 (unaudited) | 11,250,000 | 5,625 | (5,625 | ) | 1,282 | 872,837 | 874,119 | |||||||||||||||||
Ming Shing Group Holdings Limited and its subsidiaries
Unaudited Interim Condensed Consolidated Statements of Cash Flows
| For the six months ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| US$ | US$ | |||||||
| (unaudited) | (unaudited) | |||||||
| Operating activities: | ||||||||
| Net income | 984,549 | 1,011,897 | ||||||
| Adjustments: | ||||||||
| Depreciation on equipment | 41,543 | 5,331 | ||||||
| Amortization of right-of-use assets – finance lease | 29,718 | 45,472 | ||||||
| Gain on disposals of right-of-use assets – finance lease | - | (3,686 | ) | |||||
| Changes on cash value of life insurance policy | (4,853 | ) | (3,172 | ) | ||||
| Expected credit loss allowance | 321,548 | 10,623 | ||||||
| Deferred Income taxes (benefits) provision | (58,828 | ) | 6,799 | |||||
| Change in working capital items: | ||||||||
| Change in accounts receivable | (244,954 | ) | (914,484 | ) | ||||
| Change in contract assets | (52,659 | ) | 1,243,338 | |||||
| Change in deposits, prepayments and other current assets | (38,041 | ) | 1,862 | |||||
| Change in accounts payable | (324,299 | ) | (24,913 | ) | ||||
| Change in income tax payable | 24,960 | 159,774 | ||||||
| Change in accrued expenses and other current liabilities | (126,791 | ) | (63,330 | ) | ||||
| Cash provided by operating activities | 551,893 | 1,475,511 | ||||||
| Investing activities: | ||||||||
| Purchase of equipment | - | (85,723 | ) | |||||
| Deposit paid for acquisition of a property | - | (148,000 | ) | |||||
| Sales proceeds from disposals of leased equipment | - | 51,282 | ||||||
| Cash used in investing activities | - | (182,441 | ) | |||||
| Financing activities: | ||||||||
| Proceeds from new bank borrowings | 5,525,641 | 12,522,346 | ||||||
| Repayment of bank borrowings | (4,440,790 | ) | (12,316,028 | ) | ||||
| Principal payments for finance lease liabilities | (33,308 | ) | (86,809 | ) | ||||
| Advances to related parties | (1,108,692 | ) | (1,038,382 | ) | ||||
| Payment of deferred IPO costs | (317,718 | ) | (280,279 | ) | ||||
| Cash used in financing activities | (374,867 | ) | (1,199,152 | ) | ||||
| Net change in cash and cash equivalents | 177,026 | 93,918 | ||||||
| Cash and cash equivalents as of beginning of the period | 1,080,514 | 323,958 | ||||||
| Cash and cash equivalents as of the end of the period | 1,257,540 | 417,876 | ||||||
FAQ
What was MSW's revenue growth in the first half of 2024?
Why did MSW's gross profit margin decline in H1 2024?
When did Ming Shing Group (MSW) list on the Nasdaq Capital Market?
What caused MSW's net income to decrease in H1 2024?
