On behalf of the Board of Directors (the "Board") of TEHO International Inc Ltd. (the "Company" and together with its subsidiaries, the "Group"), it is my pleasure to present to you the annual report for the financial year ended 30 June 2021 ("FY2021").
Despite the headwinds caused by the continuation of COVID-19 in FY2021, the Group navigated the challenging circumstances very well. Our resilience propelled the Group to a $3.2 million profit after tax in FY2021 against a $1.2 million profit in the financial year ended 30 June 2020 ("FY2020"). This is attributable to the success of the 3-pronged strategy of cost management, liquidity improvement and strengthening of global capability that the Group adopted to mitigate the crisis at the beginning of FY2021. The Group recorded a growth in revenue by $2.5 million or 4.3% to $61.8 million in FY2021 and net profit increased as a result of cost-saving measures to reduce operating expenses. In addition, the sale of our property at Farleigh Avenue further strengthened the Group’s liquidity. We are also pleased to announce that our residential property at Lorong Salleh is completed and being marketed for sale as at the date of this report. Our subsidiary in Korea that was incorporated in September 2019 has begun to contribute to the Group’s revenue in FY2021.
Lim See Hoe
Executive Chairman and Chief Executive Officer
Sailing in the new normal
Cross-border travels will remain subdued, while working from home or hybrid working arrangements will be the norm and supply chains will be diversified. Business strategies will need to be aligned with this new normal for companies to stay relevant. The Group is therefore committed to calibrate our strategies accordingly into FY2022 and beyond. In August 2021, we acquired a warehouse facility of 44,710 square feet builtup area sitting on a 2.569-acre land in Houston, Texas, USA to further expand our global operations for our Marine & Offshore Segment. We have also embarked on several digitalisation programmes to further bolster our operational capabilities.
I am extremely pleased that the Group has improved our financial performance in spite of the COVID-19 pandemic in FY2021. We have shown resilience in our core business and our global expansion is gaining momentum. I believe that we can continue to navigate through this unprecedented crisis successfully. We will carry our good work into FY2022 and I hope that this will bear fruits in FY2022.
I would like to take this opportunity to thank my fellow Board of Directors for the guidance and counsel throughout the year. On behalf of the Board and Management, I would like to sincerely thank our business partners, customers, bankers and most importantly, our employees for their unwavering efforts and contributions to the Group. Last but not least, I would like to express my deep appreciation for our shareholders’ trust and loyal support in the Company.