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TBK & Sons Holdings Limited
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1960)
This announcement is made by TBK & Sons Holdings Limited (the ''Company'' and together with its subsidiaries, collectively the ''Group'') pursuant to Rule 13.09(2) of the Rules (the ''Listing Rules'') Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong).
Reference is made to the announcements of the Company dated 15 May 2020, 31 July 2020 and 23 December 2020 in relation to the business update and inside information of the Group (the ''Announcements'') regarding the impacts of COVID-19 outbreak. Unless otherwise specified, capitalized terms used herein shall have the same meaning as those defined in the Announcements.
The Board wishes to inform the Shareholders of the Company and potential investors that, based on the Group's preliminary unaudited consolidated management accounts for the six months ended 31 December 2020 available, the Group recorded a decrease of approximately 53% and approximately 82% in revenue and net profit respectively for the six months ended 31 December 2020 as compared to the same period in last year.
Due to the sudden and rapid spread of the COVID-19 across the globe in early 2020, a series of precautionary and control measures have been undertaken by governments across the world including Hong Kong and Malaysia. The Malaysian government announced the implementation of the Order in March 2020.
As mentioned in the section headed ''Outlook'' in the annual report 2020, the Group expected that the financial year 2021 would be extremely challenging due to the ongoing COVID-19 pandemic, postponement in contract awards, deferment of new projects and other oil and gas industry activities and intense competition for available contract works.
Various measures had been implemented by the Malaysian government to minimise the adverse impact of the COVID-19, including the enforcement of CMCO in different states and cities in Malaysia in October 2020 which included the restriction of inter district travelling, shortening of operating hours for businesses and closure of entertainment and recreational outlets.
However, in early November 2020, the Malaysian health authorities found that the risk of COVID-19 infection has not abated and the CMCO was further extended till the end of 31 December 2020 in some districts with certain restrictions uplifted. It was further announced on 1 January 2021 that the Recovery Movement Control Order has been extended to 31 March 2021 as cases are still high.
The Group's results and performance for the year ending 30 June 2021 continue to be subject to uncertainties in market conditions, consumer sentiment and other factors such as the possible further waves of COVID-19 outbreak, the implementation of other COVID-19 prevention measures or the relaxation of these measures, and the possible introduction of vaccines.
The information contained in this announcement is based on the latest information available to the Company and the preliminary unaudited consolidated management accounts of the Group for the six months ended 31 December 2020, which have not been finalized as at the date of this announcement. The interim results of the Group for the six months ended 31 December 2020 is expected to be announced on 24 February 2021.
Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company.
By order of the Board
TBK & Sons Holdings Limited
Tan Hun Tiong
Hong Kong, 10 February 2021
As at the date of this announcement, the Board comprises Mr. Tan Hun Tiong, Mr. Tan Han Peng and Mr. Tang Zhiming as executive Directors; Ms. Chooi Pey Nee as non-executive Director; and Mr. Chu Hoe Tin, Mr. Ng Ying Kit and Mr. Wong Sze Lok as independent non-executive Directors.