Summary by Moomoo AI
Primega Group Holdings Limited announced financial results for the fiscal year ended March 31, 2024. Revenue increased 20.8% year-over-year to $13.46 million, while net income declined 6.5% to $1.09 million. Gross profit rose 27.1% to $2.77 million, with gross margin expanding to 20.6%.The company's core soil and rock transportation services drove growth, offsetting the cessation of biodiesel oil trading. Customer diversification improved, with the top customer accounting for 34.44% of revenue compared to 42.67% last year. Primega expanded its fleet to 42 tipper trucks and enhanced project management capabilities.Looking ahead, Primega aims to grow through strategic machinery acquisitions and expansion into excavation works. The company faces risks from labor shortages and rising costs but remains optimistic about construction industry demand in Hong Kong. Management is focused on improving operational efficiency and pursuing larger-scale projects to drive future growth.