MECOM Power and Construction Limited (1183.HK) Announces 2024 Annual Results; Revenue Grew Steadily to MOP 1,506.6 Million

【Immediate Release】                               

28 March 2025

MECOM Power and Construction Limited  

（Stock Code：1183.HK）

Announces 2024 Annual Results

Revenue Grew Steadily to MOP 1,506.6 Million

Expanding into the New Construction Materials Industry Chain whilst
Extending Business Footprint to Hong Kong and Singapore

Financial Highlights

（Hong Kong – 28 March 2025）MECOM Power and Construction Limited (“MECOM” or the “Company”, stock code: 1183.HK, together with its subsidiaries, collectively the “Group”) is pleased to announce its annual results for the year ended 31 December 2024 (“FY2024” or “Year”).

During the Year, the Group's revenue was primarily driven by its steel structure and construction businesses, which included construction and fitting out works, high voltage power substation construction and its system installation works, electrical and mechanical engineering services works, and provision of facilities management services. Total revenue for the Year increased by 0.7% YoY to MOP 1,506.6 million, with a gross profit of MOP 118.4 million and a net profit of MOP 4.1 million. The gross profit margin and the net profit margin remained steady. As of 31 December, 2024, the aggregate value of the Group's contracts on hand yet to complete stood at approximately MOP 1.3 billion (FY2023: approximately MOP 1.04 billion). In terms of new projects, the Group secured new construction contracts totaling approximately MOP 329.5 million, along with new material steel structures order contracts for a total of approximately 267,422 tonnes.

Business Overview

During the Year, the tendering volume for public and private construction projects in Macau did not see significant surge in growth. In response, the Group actively pursued diversified development opportunities, successfully expanding into high-growth sectors such as smart data center construction and the new construction materials industry. Additionally, the Group broadened its business footprint to international markets, including Hong Kong and Singapore.

As part of the Group’s expansion into the new construction materials industry chain, its steel structure business achieved steady growth, with revenue increasing by 8.0% YoY to MOP 1,113.2 million, making it the Group’s largest revenue contributor. The steel structures were mainly supplied to Macau and Hong Kong markets, mainly for public and private construction projects, including the design and construction works for Macau LRT East Line, Macau’s New Urban Zone Land Reclamation Project, and the Hong Kong-Shenzhen Innovation and Technology Park. The Group has put its manufacturing facilities into formal production and operation in early 2024. It established strategic partnership with Beijing Institute of Construction Mechanization to focus on research, development and promotion of green energy, new materials, and complete intelligent equipment, in an attempt to further expand market opportunities in Macau, Hong Kong and Singapore.

The Group’s clients for its construction business mainly include casino operators, integrated entertainment and resort developers and operators. Throughout the Year, the Group successfully undertook a series of large-scale construction and fitting out projects, E&M engineering projects, and facility management services. Notable projects included i) the provision of repair and maintenance services for the air conditioning, electrical and building facilities of the Macao Cultural Centre Complex; ii) the provision of repair and maintenance services for the mechanical and electrical systems and equipment of the Macau Urban Development and Construction Exhibition Hall; iii) the structural steel corridors works for public housing construction projects; iv) the provision of facade lighting systems maintenance services for one of the major hotels; and v) the provision of repair and maintenance services for the peripheral facilities of the Frontier Post of Macao Port Administration Area of the Hong Kong-Zhuhai- Macau Bridge. These projects fully demonstrated our business capabilities and resilience.

Prospects

As we step into 2025, the market is expected to remain volatile with intense competition. However, new growth opportunities are also emerging, and we are committed to seizing them with determination. Macau government's ongoing economic diversification efforts and the rapid expansion of the integrated tourism and entertainment industry are expected to drive demand for infrastructure development, electromechanical engineering, and facility management services. Additionally, the accelerating wave of AI is fueling industrial upgrades, while the Macau government’s push for digital economic transformation is significantly increasing the demand for smart infrastructure, including data centers.

Mr. Kuok Lam Sek, Chairman of the Board and Executive Director of MECOM, said “MECOM is committed to seizing Macau’s growth opportunities by undertaking a broader range of engineering projects and increasing our market share. As Macau deepens its integration into the Greater Bay Area’s one-hour living circle, rising visitor traffic and government-led urban planning initiatives will drive demand for infrastructure, E&M engineering, and facility management services. Looking ahead, we are advancing our intelligent rebar production line, leveraging remote control, robotics, and precision manufacturing to enhance efficiency and competitiveness. We will then be enabled to further expand into China and Southeast Asia, secure more contracts, and strengthen our market presence. By embracing innovation and sustainable development, we are committed to reinforcing our industry leadership and driving long-term business growth."

About MECOM Power and Construction Limited

MECOM is a well-known integrated construction contractor in Macau and listed on the Hong Kong Stock Exchange on February 13, 2018. It specializes in the construction and maintenance of difficult and complex construction projects (especially including steel structures), high voltage power substation construction projects, facilities management and maintenance works for large-scale hotel/entertainment venues. MECOM has established a production facility in Jiangmen, Guangdong Province, expanding to research and development of new structural materials, electric vehicle charging and distribution business, as well as undertaking data center construction projects and maintenance.

With an extensive portfolio of proprietary equipment and a diverse client base, MECOM maintains a strong cash flow position. Among its most notable projects include a large-scale integrated resort in Cotai, the world’s largest water-based performance venue, and the world’s first luxury hotel skyscraper featuring a free-form exoskeleton structure.

Company Website: http://www.mecommacau.com/index.html