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Ming Shing Group Holdings Limited Announces Unaudited Financial Results For The Six Months Ended September 30, 2024

1. MSW's revenue increased by 31.8% to US$17.41 million in H1 2024. 2. Gross profit rose 23.7%, though gross margin fell to 13.8%. 3. Net income decreased 2.7% to US$984,549 due to rising costs. 4. MSW's Nasdaq listing is seen as crucial for future growth. 5. CEO emphasizes potential for capturing market growth in wet trades.

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Why Bullish?

Continued revenue growth and successful Nasdaq listing imply strong market potential. Historical context: Companies with robust earnings growth often see stock price appreciation (e.g., tech IPOs).

How important is it?

The financial results and market comments indicate a positive outlook, possibly driving investor interest.

Why Long Term?

Growth in wet trades services suggests a sustained demand in Hong Kong. Historically, long-term expansions in market presence lead to improved stock performance.

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HK.0001NASDAQ: MSNASDAQ: STRL
Hong Kong, March 21, 2025 (GLOBE NEWSWIRE) -- Ming Shing Group Holdings Limited (“MSW” or the “Company”) (Nasdaq: MSW) is an exempted company with limited liability incorporated under the laws of the Cayman Islands with no material operations of its own. The Company, through its indirectly wholly-owned operating subsidiaries, MS (HK) Engineering Limited and MS Engineering Co., Limited, is engaged in wet trades works services in Hong Kong. The Company today announced its unaudited financial results for the six months ended September 30, 2024. First Half of 2024 Financial and Operating Highlights  ●Total revenue increased by 31.8% from US$13,211,196 to US$17,408,116 ●Gross profit increased by 23.7% from US$1,939,597 to US$2,398,855 ●Net income and total comprehensive income decreased by 2.7% from US$1,011,897 to US$984,549    Mr. Chi Ming Lam, Chief Executive Officer of the Company, commented, “In our operating history of approximately ten years, we have focused on providing wet trades work services in the role of a subcontractor. We take pride in our portfolio in wet trades works. In the six months ended September 30, 2024 we continue to provide quality wet trades works to our customers and expand our business. Leveraging our established track record, our expertise in wet trades operations and our experienced management team, we believe we are well-positioned to capture the growth of the wet trades works market in Hong Kong and expand our business.” “We are also proud to announce that the Company has listed its shares on the Nasdaq Capital Market on November 22, 2024 and the shares of the Company are now trading on the Nasdaq under ticker “MSW.” We believe the listing on Nasdaq is an important milestone for the Company. We will actively explore options for the Company to grow further and create value for our shareholders” concluded Mr. Lam. FINANCIAL RESULTS Revenue Revenue increased by 31.8% from US$13,211,196 for the six months ended September 30, 2023 to US$17,408,116 for the six months ended September 30, 2024. The increase was primarily due to the increase in number of projects awarded. Cost of revenue Cost of revenue increased by 33.2% from US$11,271,599 for the six months ended September 30, 2023 to US$15,009,261 for the six months ended September 30, 2024. The increase was generally in line with the increase in revenue. Gross profit and gross profit margin The gross profit increased by 23.7% from US$1,939,597 for the six months ended September 30, 2023 to US$2,398,855 for the six months ended September 30, 2024. The increase was due to the increase of revenue. The gross profit margin decreased by 0.9% from 14.7% for the six months ended September 30, 2023 to 13.8% for the six months ended September 30, 2024. The decrease was mainly due to the increase in direct costs incurred from additional subcontracting costs incurred to deal with changes to the on-site arrangements for certain construction projects and the delays in certain projects. Net income and total comprehensive income Net income and total comprehensive income decreased by 2.7% from US$1,011,897 for the six months ended September 30, 2023 to US$984,549 for the six months ended September 30, 2024. The decrease was mainly due to increase in interests in interests of bank and other borrowings. About Ming Shing Group Holdings Limited Ming Shing Group Holdings Limited is a Hong Kong-based company mainly engaged in wet trades works, such as plastering works, tile laying works, brick laying works, floor screeding works and marble works. With a mission to become the leading wet trades works services provider in Hong Kong and the United States, the Company strives to provide quality services that comply with its customers’ quality standards, requirements, and specifications. The Company conducts its business through its two wholly-owned Hong Kong operating subsidiaries, MS (HK) Engineering Limited and MS Engineering Co. Limited. MS (HK) Engineering Limited is a registered subcontractor and a registered specialist trade contractor under the Registered Specialist Trade Contractors Scheme of the Construction Industry Council and undertakes both private and public sector projects, while MS Engineering Co., Limited mainly focuses on private sector projects. For more information, please visit the Company’s website: https://ir.ms100.com.hk. Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “aim”, “anticipate”, “believe”, “estimate”, “expect”, “going forward”, “intend”, “may”, “plan”, “potential”, “predict”, “propose”, “seek”, “should”, “will”, “would” or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. For more information, please contact: Ming Shing Group Holdings Limited Investor Relations DepartmentEmail: ir@ms100.com.hk Ming Shing Group Holdings Limited and its subsidiariesUnaudited Interim Condensed Consolidated Balance Sheets   September 30,  March 31,   2024  2024    US$   US$          Assets        Current assets        Cash and cash equivalents  1,257,540   1,080,514 Accounts receivable, net  1,755,696   1,643,568 Contract assets  6,207,838   6,098,497 Due from a related party  -   - Deposits, prepayments and other current assets  58,966   20,925 Total current assets  9,280,040   8,843,504          Non-current assets        Property and equipment, net  1,181,558   1,223,100 Right-of-use assets – finance lease  186,347   216,065 Life insurance policy, cash surrender value  165,744   160,891 Contract assets  495,195   740,600 Deferred costs  1,022,286   704,568 Deferred tax assets  58,100   150 Total non-current assets  3,109,230   3,045,374          Total assets  12,389,270   11,888,878          Current liabilities        Accounts payable  2,841,878   3,166,177 Bank and other borrowings  5,047,454   3,818,453 Finance lease liabilities  68,811   67,372 Accrued expenses and other current liabilities  10,000   136,791 Income tax payable  577,631   552,670 Total current liabilities  8,545,774   7,741,463          Non-current liabilities        Bank borrowings  2,889,630   3,033,780 Finance lease liabilities  79,747   114,495 Deferred tax liabilities  -   878 Total non-current liabilities  2,969,377   3,149,153          Total liabilities  11,515,151   10,890,616          Shareholders’ equity        Ordinary shares, 100,000,000 shares authorized; USD0.0005 par value, 11,250,000 and 11,250,000 shares issued and outstanding, as of September 30, 2024 and March 31, 2024, respectively  5,625   5,625 Subscription receivable  (5,625)  (5,625)Additional paid in capital  1,282   1,282 Retained earnings  872,837   996,980 Total shareholders’ equity  874,119   998,262          Total liabilities and shareholders’ equity  12,389,270   11,888,878  Ming Shing Group Holdings Limited and its subsidiariesUnaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income   For the six months endedSeptember 30,   2024  2023   US$  US$   (unaudited)  (unaudited)        Revenue  17,408,116   13,211,196 Cost of revenue  (15,009,261)  (11,271,599)Gross profit  2,398,855   1,939,597          Operating expenses        General and administrative expenses  (995,737)  (556,546)Total operating expenses  (995,737)  (556,546)         Income from operations  1,403,118   1,383,051          Other (expense) income        Interest expense, net  (221,609)  (133,888)Other income  398   9,010 Total other (expense) income, net  (221,211)  (124,878)         Income before tax expense  1,181,907   1, 258,173 Income tax expense  (197,358)  (246,276)Net income and total comprehensive income  984,549   1,011,897          Net income per share attributable to ordinary shareholders        Basic and diluted  0.09   0.09          Weighted average number of ordinary shares used in computing net income per share        Basic and diluted  11,250,000   11,250,000  Ming Shing Group Holdings Limited and its subsidiariesUnaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity   Ordinary Shares     Additional     Total   Number of shares  Amount  Subscription receivable  paid incapital  RetainedEarnings  Shareholders’Equity      US$  US$  US$  US$  US$ Balance as of April 1, 2023  11,250,000   5,625   (5,625)  1,282   381,608   382,890 Net profit for the period (unaudited)  -   -   -   -   1,011,897   1,011,897 Dividend declared (unaudited)  -   -   -   -   (1,116,737)  (1,116,737)Balance as of September 30, 2023 (unaudited)  11,250,000   5,625   (5,625)  1,282   276,768   278,050    Ordinary Shares     Additional     Total   Number of shares  Amount  Subscription receivable  paid incapital  RetainedEarnings  Shareholders’Equity      US$  US$  US$  US$  US$ Balance as of April 1, 2024  11,250,000   5,625   (5,625)  1,282   996,980   998,262 Net profit for the period (unaudited)  -   -   -   -   984,549   984,549 Dividend declared (unaudited)  -   -   -   -   (1,108,692)  (1,108,692)Balance as of September 30, 2024 (unaudited)  11,250,000   5,625   (5,625)  1,282   872,837   874,119  Ming Shing Group Holdings Limited and its subsidiariesUnaudited Interim Condensed Consolidated Statements of Cash Flows   For the six months endedSeptember 30,   2024  2023   US$  US$   (unaudited)  (unaudited)        Operating activities:        Net income  984,549   1,011,897 Adjustments:        Depreciation on equipment  41,543   5,331 Amortization of right-of-use assets – finance lease  29,718   45,472 Gain on disposals of right-of-use assets – finance lease  -   (3,686)Changes on cash value of life insurance policy  (4,853)  (3,172)Expected credit loss allowance  321,548   10,623 Deferred Income taxes (benefits) provision  (58,828)  6,799 Change in working capital items:        Change in accounts receivable  (244,954)  (914,484)Change in contract assets  (52,659)  1,243,338 Change in deposits, prepayments and other current assets  (38,041)  1,862 Change in accounts payable  (324,299)  (24,913)Change in income tax payable  24,960   159,774 Change in accrued expenses and other current liabilities  (126,791)  (63,330)Cash provided by operating activities  551,893   1,475,511          Investing activities:        Purchase of equipment  -   (85,723)Deposit paid for acquisition of a property  -   (148,000)Sales proceeds from disposals of leased equipment  -   51,282 Cash used in investing activities  -   (182,441)         Financing activities:        Proceeds from new bank borrowings  5,525,641   12,522,346 Repayment of bank borrowings  (4,440,790)  (12,316,028)Principal payments for finance lease liabilities  (33,308)  (86,809)Advances to related parties  (1,108,692)  (1,038,382)Payment of deferred IPO costs  (317,718)  (280,279)Cash used in financing activities  (374,867)  (1,199,152)         Net change in cash and cash equivalents  177,026   93,918          Cash and cash equivalents as of beginning of the period  1,080,514   323,958          Cash and cash equivalents as of the end of the period  1,257,540   417,876 

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