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Dear Shareholders

On behalf of the Board of Direc­tors, I present the annual report of King Wan Corpo­ra­tion Lim­ited (“King Wan”) for the finan­cial year ended 31 March 2021 (“FY2021”).

For the whole of 2020, the Sin­ga­pore econ­omy con­tracted by 5.4%, a rever­sal from the 1.3% growth recorded in 2019. In par­tic­u­lar, the con­struc­tion sec­tor shrank by 35.9%, a sharp retrac­tion from the 1.6% growth posted in 2019, weighed down by weak­ness in both pub­lic sec­tor and pri­vate sec­tor con­struc­tion works.(1)

The COVID-​19 pan­demic has undoubt­edly imposed unprece­dented chal­lenges on the con­struc­tion indus­try in Sin­ga­pore where the Group is mainly oper­at­ing in. Dur­ing the “Cir­cuit Breaker” period in Sin­ga­pore from 7 April 2020 to 1 June 2020, almost all the con­struc­tion activ­i­ties were halted. Fol­low­ing the pro­gres­sive eas­ing of restric­tions and as economies reopen­ing after the “Cir­cuit Breaker” period, the con­struc­tion progress at sites is slowed down by the require­ment to com­ply with the safe man­age­ment mea­sures. The man­power crunch is fur­ther exac­er­bated by the bor­der restric­tions on the entry of for­eign work­ers from South Asia which has led to an increase in man­power cost. In addi­tion, the stiff global com­pe­ti­tion for resources and increase in freight cost have also pushed up the cost of mate­ri­als. We have also observed a plunge in the con­tracts awarded for con­struc­tion works amid the pre­vail­ing mar­ket uncertainties.

To nav­i­gate this unprece­dented global health and eco­nomic cri­sis, we adopted a proac­tive approach, through finan­cial pru­dence and depended on our core com­pe­ten­cies, to deliver our ser­vices in a more cost effec­tive and effi­cient man­ner. We con­tinue to be commit­ted to enhance our capa­bil­i­ties to cap­ture opportunities.