Honor Matrix Holdings Limited reported a sharp top-line contraction for the six months ended 30 June 2026, but a rapid business mix shift toward consulting services lifted profitability and margins.

Revenue and Profitability • Group revenue fell 62.6% year-on-year to HK$6.17 million, driven by a 98.6% slide in the traditional Sale of Goods business to HK$0.23 million. • Newly launched Consultation services generated HK$5.94 million, accounting for 96.3% of total revenue. • Gross profit declined 16.3% to HK$2.70 million, yet gross margin expanded to 43.7% from 19.5% a year earlier, reflecting the higher margin profile of consulting. • Net profit rose 22.2% to HK$0.84 million, aided by a HK$0.89 million reversal of trade-receivable impairments. • Basic EPS increased to HK0.70 cent versus HK0.60 cent in 1H 2025. • No interim dividend was declared.

Segment Performance Sale of Goods – Revenue: HK$0.23 million (-98.6%). – Segment profit: HK$0.93 million (down from HK$2.56 million) following severe volume contraction.

Consultation Business – Revenue: HK$5.94 million (nil in 1H 2025). – Segment profit: HK$2.63 million, delivering a 44.7% gross margin.

Cost and Expense Dynamics • Administrative expenses rose 9.7% to HK$2.52 million, mainly from higher staff costs linked to business expansion. • Staff costs (excluding directors) eased 12.0% to HK$0.76 million. • Auditor’s remuneration and depreciation charges remained broadly stable.

Balance Sheet and Liquidity • Cash and bank balances more than doubled to HK$12.85 million (31 Dec 2025: HK$5.15 million), underpinning a net cash position with no interest-bearing borrowings. • Trade receivables fell 9.2% to HK$12.67 million after impairment reversal. • Net current assets improved to HK$22.46 million, although the current ratio narrowed to 4.6x (31 Dec 2025: 6.2x) due to a HK$1.28 million director loan booked as a current liability. • Total equity increased 6.6% to HK$24.95 million.

Strategic Developments During the period the company rebranded from Almana Limited to Honor Matrix Holdings Limited and formally entered immigration, education and corporate consultation services. Management intends to continue leveraging consulting know-how while seeking synergistic opportunities alongside its legacy trading operations.

Outlook The board reiterated plans to consolidate the nascent consulting platform, refine operating processes and cautiously explore complementary revenue streams, while maintaining a conservative treasury stance and monitoring macro-economic volatility. No guidance was provided on future dividend policy or capital expenditure.