Summary by Moomoo AI
Primega Group Holdings Limited announced its financial results for the fiscal year ended March 31, 2024, with revenue increasing 20.8% to $13.5 million from $11.1 million in FY2023. Gross profit rose 27.1% to $2.8 million, with gross margin improving to 20.6%. Net income decreased 6.5% to $1.1 million, primarily due to higher operating expenses including IPO-related costs.The revenue growth was mainly driven by a significant expansion in construction works, which grew by 806.4% year-over-year. The soil and rock transportation services segment remained the largest revenue contributor. The company's strategic focus on higher-complexity construction works helped improve overall profitability despite increased operating costs.Looking ahead, Primega Group has completed its initial public offering on July 23, 2024, raising approximately $6 million in gross proceeds. The company plans to use the proceeds to expand its fleet of machinery and equipment, enhance project management capabilities, and strengthen its position in Hong Kong's construction services market.
