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C&T announces 2021 Full-Year Results
Hong Kong, March 16, 2022 - 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, 2021.
The development of the COVID-19 pandemic (the Pandemic) continued hindering the recovery of the global economy. The gradually recovering local economy in the second half of the year had sparked the demand from the private sectors for the Group’s software products and services, leading to an 8.7% growth in revenue of the Group’s Application Services business. On the other hand, caused by the global shortage of software developers, the delivery of solution services to government and semi-government organizations slowed down in the second half of 2021, resulting in a 5.1% decrease in revenue of the Group’s Solutions and Integration Services business. Accordingly, the Group’s overall turnover recorded a rise of HK$9.2 million, or 3.6% to HK$265.5 million (2020: HK$256.3 million).
As reported in the previous results announcement, the Group’s Solutions Services business had adjourned the capitalization of the development costs for the Customer Care and Billing System and was charged HK$8.5 million (2020: charged HK$3.3 million and capitalized HK$4.8 million) in the profit or loss statement. Despite the increasing charge, the Group’s gross profit margin improved slightly to 57.4% (2020: 56.5%) while the absolute gross profit improved by HK$7.6 million, or 5.3% to HK$152.4 million (2020: HK$144.8 million).
The total non-operating incomes dropped drastically by HK$12.3 million, or 68.7% to HK$5.6 million (2020: HK$18.0 million). The change was primarily due to the absence of government subsidies granted under Employment Support Scheme (the ESS). Overall expenses were generally kept at the same level compared with last year. The increase in income tax expenses was in line with the increase in assessable profits generated in Hong Kong.
With the abovementioned, the Group’s consolidated net profit attributable to shareholders reduced by 10.4% to HK$53.8 million (2020: HK$60.1 million). The basic earnings per share also dropped to 21.76 HK cents (2020: 24.31 HK cents). If the special one-off government subsidies under the ESS in 2020 was not considered, the profit attributable to the owners of the parent company in 2021 was in fact better than the normalized results of 2020 by 18%.
The Group has continuously been generating positive cash inflow from operations and maintaining a sustained healthy financial position. The Board declared the distribution of a final dividend of 11 HK cents (2020: 12 HK cents) per ordinary share for the year ended December 31, 2021. Counting the previously paid interim dividend of 6 HK cents (2020: 5 HK cents) together with this proposed final dividend, the Group’s full-year dividend aggregated 17 HK cents (2020: 17 HK cents).
Looking forward, Mr. Ng Cheung Shing, Chairman of the Group said, “The prospects of the Group will hinge critically on how fast the COVID-19 pandemic can be fully contained. We will stay alert to the situation and impose necessary measures to minimize any negative impact to our business and people.” Mr. Ng continued, “Focusing on the product research and development, exploring business acquisition opportunities and expanding the Group’s businesses as well as staff resources center in the Greater Bay Area in the post-Pandemic period will still be the key management directions in the foreseeable future.” On behalf of the Board and the Management, Mr. Ng expressed sincere thanks to all employees, shareholders, customers and business partners for their support to the Group during the reporting period.
For details of the Group’s 2021 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