Business
SU Group Holdings Reports 20% Revenue Growth For Fiscal Year 2023
22% Increase in Gross Profit Year over Year19% Increase in Net Income Year over YearHONG KONG, Jan. 31, 2024 /PRNewswire/ -- SU Group Holdings Limited
About this update from Su Group Holdings Limited
[{"type":"text","content":"22% Increase in Gross Profit Year over Year19% Increase in Net Income Year over YearHONG KONG, Jan. 31, 2024 /PRNewswire/ -- SU Group Holdings Limited (Nasdaq: SUGP) (\"SU Group\" or the \"Company\"), an integrated security-related engineering services company in Hong Kong, today announced financial results for the fiscal year ended September 30, 2023, with increased growth in revenue, gross profit and net income, as compared to the fiscal year ended September 30, 2022. All U.S. dollar figures cited in this press release are based on the exchange rate of HK$7.8293 against US$1.00 as of September 30, 2023.\n\nSelect Financial Highlights: \nFor the fiscal year ended September 30, 2023, SU Group reported a 20% increase in revenue on a year over year basis, led by growth in the Company's higher profit margin security-related engineering services business, which increased 27% on a year over year basis.Gross profit increased by 23% on a year over year basis to HK$48.0 million (US$6.14 million) for the fiscal year ended September 30, 2023, with gross profit margin at 29% in both years.Net income increased by 19% on a year over year basis to HK$9.8 million (US$1.25 million) for the fiscal year ended September 30, 2023, which represents a 25% increase on a per share basis for the fiscal year ended September 30, 2023 compared to the fiscal year ended September 30, 2022.SU Group's Chairman and CEO, Dave Chan, commented, \"We are pleased to report strong financial results, with a significant 20% rise in revenue during the fiscal year 2023. This was led by a 27% increase in revenue from our higher margin security-related engineering services. We view this as a multi-year growth area for us. We believe these will position us competitively and increasingly contribute to our sustained growth in both revenue and profitability over the coming years. The persistently increasing landscape of security threats has heightened customer demand for our integrated security-related engineering services. Our offerings, ranging from screening and threat detection to parking solutions, cater to this growing need. We remain committed to leveraging innovative technologies, ensuring that we stay at the forefront of the market and continue to meet the evolving demands of our customers.\"\nMr. Chan continued, \"While we take pride in the significant progress we've...