Sundart Holdings Limited (“Sundart”) released its interim results for the six months ended 30 June 2026, highlighted by double-digit top-line and earnings growth driven largely by its core fitting-out operations across Hong Kong, Macau, Singapore and mainland China.
Revenue and Profitability • Group revenue reached HK$2.77 billion, up 21.20% year-on-year, propelled by a HK$479.40 million (+21.50%) increase in fitting-out revenue to HK$2.71 billion, which represented 98.1% of total turnover. • Gross profit rose 29.80% to HK$344.10 million, lifting gross margin to 12.4% from 11.6%. • Profit attributable to shareholders improved 11.70% to HK$151.33 million; basic and diluted EPS advanced to HK7.00 cents from HK6.27 cents.
Segment Performance • Fitting-out: Gross profit climbed 19.50% to HK$300.70 million with margin broadly stable at 11.1%. Thirty-three projects were completed during the period, and the order book stood at 171 projects with outstanding work valued at HK$6.32 billion. • Manufacturing, sourcing & distribution of interior decorative materials: Revenue increased 18.43% to HK$52.68 million; gross profit surged to HK$47.70 million, reflecting a 90.5% margin, aided by a high-margin Philippine order and reversal of prior-period cost provisions. • Alteration & addition / construction: Revenue fell 85.70% to HK$0.70 million, resulting in a HK$4.40 million gross loss due to lower project activity against fixed costs.
Cash Flow and Balance Sheet • Net operating cash outflow totalled HK$24.45 million; net cash used in investing and financing amounted to HK$96.38 million and HK$115.42 million, respectively. • Cash and cash equivalents were HK$1.32 billion, while total bank balances and cash stood at HK$1.88 billion. • Net current assets increased to HK$2.72 billion; gearing remained low at 0.8%, with bank borrowings of HK$29.32 million, all due within one year. • Pledged bank deposits amounted to HK$137.90 million; capital commitments were HK$12.40 million.
Capital and Investment Activity • Sundart completed a placement of 22 million new shares in May 2026, raising net proceeds of HK$14.10 million; HK$4.20 million had been deployed for 2026 fitting-out project costs by period-end. • Financial assets at fair value through profit or loss totalled HK$25.53 million, generating a HK$4.41 million fair-value gain. • No material acquisitions or disposals were recorded.
Dividend • The board did not declare an interim dividend for 1H26. A final dividend of HK5.00 cents per share for FY25 was paid during the period, amounting to HK$109.01 million.
Outlook Management cited a resilient pipeline of project enquiries across its core markets and intends to maintain disciplined project selection and cost control to safeguard margins amid ongoing macroeconomic uncertainties. No new material investment plans were disclosed as of 11 August 2026.
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