Construction Industry Council - Annual Report 2024

CONSTRUCTION INDUSTRY COUNCIL 196 HIGHLIGHTS OF AUDITED FINANCIAL STATEMENTS FOR 2024 Training expenses decreased by 28.1% to $406.92 million in 2024 (2023: $566.33 million) mainly due to lower training expenses for ITCTS, Contractor Cooperative Training Scheme and ACMTS. Workshop expenses increased by 6.0% to $40.49 million in 2024 (2023: $38.19 million) mainly due to higher expenditure on consumable materials, tools and personal protective equipment. General and administrative expenses increased to $236.53 million in 2024 (2023: $117.39 million) mainly due to higher operating expenses for imported labour quarters and impairment provision for Tai Po Campus in 2024. No expenses on relief measures for COVID-19 incurred in 2024 (2023: $10.03 million). Repair and maintenance expenses amounted to $62.79 million in 2024 (2023: $57.35 million). The 9.5% increase was mainly due to higher maintenance expenses on computer equipment and software, building services installation and workshop equipment and machinery. Advertising and publicity expenses increased by 3.9% to $89.11 million in 2024 (2023: $85.76 million) mainly due to the spending on CIC Construction Digitalisation Award 2024, CIC Outstanding Contractor Award 2024 and WorldSkills Competition. Depreciation amounted to $238.00 million in 2024 (2023: $218.46 million), an increase of 8.9% against last year. As at 31 December 2024, the Council held a total of $3,962.78 million as total fund and reserves, compared with $3,266.31 million as at 31 December 2023.