Construction Industry Council - Annual Report 2024

CONSTRUCTION INDUSTRY COUNCIL 194 HIGHLIGHTS OF AUDITED FINANCIAL STATEMENTS FOR 2024 Total income of CIC in 2024 was $2,446.35 million, an increase of $706.34 million or 40.6% against $1,740.01 million in 2023. 0 500 1000 1500 2000 2500 2,500 2,000 1,500 1,000 50 2023 2024 1,740.01 2,446.35 Year Amount (HK$’m) Other income* Course fee and trade testing income Investment and interest income Levy income * Other income in the above bar chart includes reimbursement of trainees’ allowances, support on promotion campaign, registration fee income from workers and sub-contractors, and other miscellaneous income. CIC Income for Year 2023 and 2024 Levy income increased to $2,098.00 million in 2024 (2023: $1,431.42 million) and contributed 85.8% (2023: 82.3%) of total income. The 46.6% year-on-year increase in levy income in 2024 was mainly due to improvement in assessment efficiency and surcharge enforcement after the compulsory use of e-service platform and hence recorded a substantial increase in both public sector (mainly Civil & Building works) and private sector. Total levy assessed on the value of construction operations in the private and public sectors (including others) amounted to $940.9 million (2023: $639.13 million) and $1,127.9 million (2023: $772.06 million) respectively, representing 44.8% (2023: 44.7%) and 53.8% (2023: 53.9%) of total levy income. In addition, penalty on overdue levy and surcharge amounted to $8.81 million (2023: $3.17 million) and $20.39 million in 2024 (2023: $17.06 million) respectively. Workers registration fee income for 2024 increased to $1.94 million (2023: $1.69 million) as the registration fee was no longer been waived starting as from October 2023. Course fees and related income increased to $32.14 million in 2024 (2023: $27.50 million) with higher income mainly from part-time courses. Trade testing income for 2024 increased to $5.62 million (2023: $4.90 million) with higher income from certification testing.