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 great pleasure to present to you the Annual Report for the financial year ended 30 June 2023 (“FY2023”).
The macro-economic environment was challenging in FY2023, especially with the high inflation and interest rates. We were conscious of the situation and had made efforts in managing the various challenges we encountered, eventually managing to maintain our profit after tax of S$2.8 million, similar to FY2022. It is heartening that our Marine & Offshore Segment continued to make robust inroads with an increase of 14.2% to S$63.7 million. Increased marine transportation of energy supplies as a result of the European Union's diversion of energy supplies from Russia certainly contributed to our growth.
Lim See Hoe
Executive Chairman and Chief Executive Officer
Revenue increased by S$13.5 million or 23.7% to S$70.7 million in FY2023 from S$57.2 million in FY2022. The increase was mainly contributed by a S$7.9 million increase in our Marine & Offshore Segment and a S$5.6 million increase in the contribution from Property Segment mainly due to sale of a semi-detached landed property in Singapore.
The Group’s gross profit of S$23.6 million in FY2023 increased by S$1.0 million or 4.3% from S$22.6 million in FY2022.
The Group’s profit before tax was S$3.5 million in FY2023 as compared to S$3.7 million in FY2022. After accounting for income tax of S$0.6 million, the Group’s profit for FY2023 was S$2.8 million.
Thriving during challenging times
Heading into the financial year ending 30 June 2024 (“FY2024”), the Russian-Ukraine war, US-China and East Asian relations continue to pose anxieties to the global communities. In addition, China' economic slowdown further exacerbates the already challenging situation. The Group shall remain vigilant and continue with our proven strategies to overcome the challenges ahead of us. The ongoing European Union's embargo of Russian energies hopefully will provide some respites to the challenging environment.
Our team in USA has consolidated their operations and settled down at their new premises in Houston, Texas. Together with all of our other strategic supply points, the Group shall leverage on this advantage to further enhance our service level to our global customers.
I am pleased that the Group has maintained our financial performance in spite of the ongoing challenges in the business environment. We have shown resilience in our core business and our global expansion is bearing fruits. I believe that we can continue to navigate and carry our good work through the rough seas in FY2024.
Reaping the rewards
In view of the results in FY2023, the Board has proposed a first and final dividend of 0.1 Singapore cents per share to reward our valued shareholders for their continuing support for the Group.
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