Business
SU Group Holdings Reports First Half Fiscal Year 2024 Results
- 11.7% YoY Increase in Security Guarding and Screening Services Segment Revenues- Cash and Cash Equivalents Increase Nearly 200% YoY HONG KONG, July 1, 2024
About this update from Su Group Holdings Limited
[{"type":"text","content":"- 11.7% YoY Increase in Security Guarding and Screening Services Segment Revenues- Cash and Cash Equivalents Increase Nearly 200% YoY\nHONG KONG, July 1, 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 six months ended March 31, 2024. All U.S. dollar figures cited in this press release are based on the exchange rate of HK$7.8257 against US$1.00 as of March 29, 2024.\n\n \n \n \n \n \n \n\n \nSU Group's Chairman and CEO, Dave Chan, commented, \"Our business fundamentals remain strong, supported by our expanding portfolio of security-related engineering services and a strengthened balance sheet following our successful IPO on Nasdaq in January 2024. On a segment basis, we achieved an 11.7% increase in revenues year over year from security guarding and screening services for the six months ending March 31, 2024, compared to the same period last year. Our total revenue, which declined slightly year over year, would have been meaningfully higher if not for the timing shift of certain contracts to the second half of the year. Additionally, we absorbed the impact of a significant, non-recurring government contract recognized in the previous period but not in the current one.\"\nSU Group's Chief Financial Officer, Calvin Kong, noted, \"We continue to execute our financial model effectively, with increased revenue from higher-margin segments driving a 4.4% increase in gross profit for the six months ending March 31, 2024, compared to the same period last year. Importantly, our cash and cash equivalents increased nearly 200%, following the successful completion of our initial public offering earlier this year, giving us the resources to support our long-term growth. We remain focused on expanding our gross margins and enhancing operational efficiency as we strive to build value for all shareholders.\"\n\"We are in an exciting phase of our company's development, working to leverage our core business platform to drive accelerated growth,\" added SU Group's Chairman and CEO, Dave Chan. \"We will continue to expand our portfolio of security-related engineering services, enhance our position through new strategic partnerships, and capture increased revenue opportunities in our targ...