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C&T announces 2020 Full-Year Results
Hong Kong, March 16, 2021 - Leading Hong Kong listed information technology (IT) software and service company, Computer And Technologies Holdings Limited (C&T or the Group, SEHK 00046) announced today its audited full-year results for the year ended December 31, 2020.
The outbreak of the unprecedented COVID-19 pandemic (the Outbreak) and tightened public health measures including work from home and social distancing measures materially impacted the Group’s business and operations during the reporting year. Although the operation performance had been improved in the second half of the year, the Group’s overall revenue inevitably dropped by HK$19.6 million, or 7.1% to HK$256.3 million (2019: HK$275.9 million). In line with the revenue drop, the Group’s gross profit also recorded a decrease by HK$10.5 million, or 6.7% to HK$144.8 million (2019: HK$155.3 million) while the gross profit margin maintained at 56.5% (2019: 56.3%).
On the other hand, the Group had participated in the Employment Support Scheme (the ESS) and received HK$14.5 million subsidies from the HKSAR Government. The ESS subsidies, which accounted for approximately 13.3% of the staff costs incurred in Hong Kong during the year, were consumed by salary paying. Resulting from that the other income and gains recorded a net increase by HK$14.4 million, or 182.9% to HK$22.3 million (2019: HK$7.9 million). Conversely, the Group’s financial assets and investment properties triggered losses of HK$3.7 million (2019: gains of HK$3.9 million) due to downward valuations caused by the Outbreak.
The selling and distribution expenses decreased as a result of lessened marketing and sales activities during the Outbreak. The general and administrative expenses were also reduced with savings derived from various accommodative measures carried out by the PRC and HKSAR Government. The income tax expense also reduced in line with the decrease in assessable profits generated in both Hong Kong and the PRC.
With the abovementioned, the Group’s consolidated net profit attributable to shareholders increased moderately by 7.6% to HK$60.1 million (2019: HK$55.9 million). The basic earnings per share also moved up to 24.31 HK cents (2019: 22.63 HK cents).
Amidst the severe operating environment, the Group has continuously generated positive cash inflow from operations and maintained a sustained healthy financial position. The Board declared the distribution of a final dividend of 12 HK cents (2019: 8 HK cents) per ordinary share for the year ended December 31, 2020. Counting the previously paid interim dividend of 5 HK cents (2019: 9 HK cents) together with this proposed final dividend, the Group’s full-year dividend payout reached 17 HK cents (2019: 17 HK cents).
Chairman of the Group, Mr. Ng Cheung Shing stated, "The Outbreak has caused disruptions to the economic and social activities of the entire world. Those disruptions pose threats to the markets where the Group is operating and make the Group' s prospect full of uncertainties. The development of the Group's businesses is largely dependent on whether the Outbreak could be effectively controlled. However, we remain cautiously optimistic in a more stable business environment going forward. Building on our core competitiveness, C&T will proactively explore further merger and acquisition opportunities and/or business collaboration and keep steadfast in our commitment in R&D with the best endeavors to improve our operation efficiency and profitability of the businesses.”
For details of the Group’s 2020 Full-Year Results, please refer to the official announcement.
About C&T Holdings
Computer And Technologies Holdings Limited (C&T, SEHK 00046) is a leading IT software and service provider in Asia involved in the design, delivery and operation of total IT solutions for the Government departments and corporate enterprises. Building on its successful track records, the Group provides comprehensive IT services from system and network integration, IT solutions implementation and software development, enterprise application software, on-line e-Government and e-Business platforms, as well as business process outsourcing services. For more information, please visit our website at www.ctil.com.
Ms. Emma Wong
Tel: (852) 2217 1511
Fax: (852) 2503 8400