Skyline Builders Group Holding Ltd (NASDAQ: SKBL)

Skyline Builders Group Holding Limited is a holding company incorporated under the laws of the Cayman Islands on June 25 2024. The company conducts its operations through its indirectly wholly owned operating subsidiary Kin Chiu Engineering Limited. Kin Chiu Engineering Limited provides civil engineering services primarily in Hong Kong focusing on road and drainage works for public and private sector projects. The subsidiary operates as both a subcontractor and a main contractor on infrastructure projects such as footway construction drainage installation and site preparation. The company’s core activity is the delivery of quality civil engineering works that meet customer specifications and regulatory standards.

Revenue is generated mainly from fees earned on civil engineering contracts. The subsidiary invoices customers for the completion of road and drainage works including excavation installation of concrete and steel compaction filling and landscaping. Revenue derives from public sector projects awarded by government agencies and from private sector residential and commercial developments. The company records revenue on a project by project basis and does not rely on long term contracts with any single customer. For the fiscal year ended March 31 2025 total revenue from civil engineering services was approximately US$46.0 million. The revenue stream is supported by a stable base of customers that provide repeat business and referrals.

The company operates through the following segments:

• The sole operating segment is civil engineering services focusing on road and drainage works in Hong Kong. This segment includes all activities related to public and private sector infrastructure projects undertaken by Kin Chiu Engineering Limited either as subcontractor or main contractor.

Within the Hong Kong civil engineering industry Skyline Builders Group Holding Limited holds a competitive position derived from its established track record and regulatory approvals. The subsidiary achieved Approved Contractor status in the Roads and Drainage category Group B Probation from the Development Bureau of Hong Kong enabling it to tender for public works contracts as a main contractor. This status broadens the company’s project sources and differentiates it from peers that remain limited to subcontractor roles. The company’s expertise is reinforced by over twelve years of experience ISO9001 certification and a proven ability to deliver projects on schedule and within budget. These strengths allow the firm to secure repeat work from existing customers and to win new tenders in a market characterized by steady government investment in infrastructure and urban development.

The customer base consists primarily of construction contractors project owners and government agencies in Hong Kong. The company serves both public sector clients such as the Development Bureau and private sector developers requiring road and drainage works for residential and commercial projects. In the fiscal year ended March 31 2025 the company had twelve contributing customers with the five largest accounting for approximately 82.7 percent of total revenue. Among these customers several were construction contractors each contributing more than ten percent of annual revenue. The company does not enter into long term supply agreements with any single customer and instead pursues project by project opportunities that arise through tender invitations and direct negotiations.