G & M Holdings Limited released its audited results for the year ended 31 December 2025, showing a resilient bottom-line performance amid a softer construction market in Hong Kong.
Financial Performance • Revenue fell 11.4% year on year to HK$380.42 million, reflecting fewer large-scale design-and-build projects. • Gross profit slipped 12.5% to HK$100.14 million; gross margin held broadly steady at 26.3% (2024: 26.7%). • Profit before tax climbed 16.7% to HK$65.25 million, while net profit surged 28.7% to HK$55.57 million, buoyed by a HK$29.36 million impairment charge booked in 2024 that did not recur. • Basic and diluted earnings per share rose to 5.5 HK cents from 4.3 HK cents. • The Board recommended no final dividend; a HK3.5 cents special dividend was declared during the year.
Segment Trends • Design-and-build revenue declined to HK$322.00 million, now 84.6% of total turnover (2024: 94.3%). • Repair and maintenance revenue more than doubled to HK$58.42 million, lifting its revenue share to 15.4%.
Cost & Expense Dynamics • Administrative and other operating expenses increased 15.8% to HK$42.39 million, mainly due to greater resources devoted to tendering activities. • Finance costs eased to HK$0.45 million (2024: HK$0.74 million) as the Group remained debt-free.
Balance Sheet & Liquidity • Cash and bank balances expanded to HK$387.30 million (2024: HK$222.72 million) after the maturity of HK$112.63 million in term deposits. • With no bank borrowings, gearing stayed at zero. • Net current assets improved to HK$292.44 million, up 7.9% from a year earlier. • Trade receivable turnover shortened markedly to 31.4 days (2024: 64.3 days).
Operational Update • Outstanding contracted work totaled HK$193.30 million at end-2025, with completion dates running to 2027. • Post-year-end, two podium façade contracts worth HK$127.40 million were secured. The Group is also bidding for five projects collectively valued at about HK$323.00 million.
Strategic Outlook Management flagged continued industry headwinds, citing intense competition and limited new large-scale construction opportunities. The Group plans to: 1. Prioritise repair and maintenance contracts to diversify income streams. 2. Maintain stringent cost controls and lean staffing (headcount reduced to 91 from 106). 3. Preserve balance-sheet strength to support bidding for forthcoming projects.
Other Highlights • No significant acquisitions, disposals, or capital commitments were recorded in 2025. • No assets were pledged; contingent liabilities remain nil. • The Group is pursuing legal action related to the previously impaired Mongolian coal-mine acquisition.
G & M Holdings continues to balance prudent financial management with selective project expansion, aiming to sustain profitability amid a challenging construction environment.