Tat Hong Equipment Service Co., Ltd. Announces 2022/23 Interim Results

Tat Hong Equipment Service Co., Ltd. (“Tat Hong” or the “Company”, together with its subsidiaries, the “Group”) (Stock Code: 2153), the first foreign-owned tower crane service provider established in the PRC, has announced its interim results for the six months ended 30 September 2022 (the “Period”).

During the Period, the Group recorded revenue of approximately RMB 387.4 million, representing a decrease of approximately 6.8% as compared with that for the six months ended 30 September 2021. Loss attributable to equity shareholders of the Company for the period amounted to approximately RMB 41.9 million, mainly due to the one-off currency exchange loss on USD borrowings and the economic downturn caused by the COVID-19 pandemic (the “Pandemic”). The overall gross profit and gross profit margin decreased to RMB75.5 million and 19.5%, respectively.

The Group’s total Tonne Metres (TM) in use increased from approximately 1,479,145 for the period ended 30 September 2021 to 1,577,983 for the period ended 30 September 2022. As at 30 September 2022, the Group had 292 projects in progress with a total outstanding contract value of approximately RMB 605 million and 37 projects on hand with a total expected contract value of approximately RMB 68 million. Of these projects, the Group expects to complete contract work of approximately RMB 348 million by the end of 30 September 2023, demonstrating solid earnings visibility.

Despite the gradual recovery in major economies and the surge in vaccination and immunity rates, the Pandemic has put pressure on every component of the Group’s industry value chain. To contain the spread of the Pandemic throughout the country, numerous cities have adopted anti-pandemic measures, such as persistent or intermittent lockdowns, and certain projects were temporarily suspended on account of these measures. From April to June 2022, the Group’s economic activities in eastern China were affected to a certain extent. In the meantime, against the backdrop of interest hikes by the US Fed and global inflation, economies around the world have encountered significant instability and pressure in the first half of the year. As the external environment remains volatile, the Group strives to adjust its operational strategy, optimise its management structure, and make timely and appropriate decisions in a bid to mitigate the risks brought by the Pandemic.

Mr. Sean Yau, CEO of Tat Hong Equipment Service Co., Ltd. said, “After years of the lingering Pandemic, the market remains sluggish and real estate has been severely impacted. Fortunately, the Group has optimised its business structure by placing a greater emphasis on the other business segments, reducing the real estate to approximately 30% of total revenue, which will mitigate the negative impact of the industry’s downturn. In the meantime, we will shift our focus to the energy, infrastructure and public construction segments.”

“With the continuous introduction of favourable policies and the development direction of the 14th Five Year Plan, which includes initiatives centred on ‘new infrastructure, new urbanisation and major projects’ and the aim of carbon neutrality, we believe that there are unexpected opportunities emerging in the (energy) infrastructure market. With our strong reputation and expertise, we are confident about the Group’s prospects.”

Mr. Roland Ng, Chairman of Tat Hong Equipment Service Co., Ltd. concluded, “Going forward, we will use the Pandemic as an opportunity to stimulate and accelerate transformation, to accelerate the adoption and improvement of the digital platform ‘iSmartCon’, so as to further optimise the management of various stages of the production process. Moreover, we will focus on analysing the impact of the Pandemic on each business sector and project, reviewing and modifying strategic plans, and communicating updates with all stakeholders including suppliers, clients and employees. The Group will continue its efforts in meeting the increasing customer demands for prefabricated construction using medium and large size tower cranes, and to establish a standardised post-market service eco-system for tower cranes, with the aim of providing a sustainable foundation for a green, safe and environmentally friendly tower crane service industry value chain, while adhering to the proper safety standards and PRC prevention and control policies.”

About Tat Hong Equipment Service Co., Ltd. (Stock Code: 2153)

Tat Hong Equipment Service Co., Ltd. is the first foreign-owned tower crane service provider established in the PRC. Since 2007, the Group has established as a tower crane service provider for one-stop tower crane solution services from consultation, technical design, commissioning, construction to after-sales services primarily to Chinese Special-tier and Tier-1 EPC contractors. Guided by its core values, “Virtue, Safety and Excellence”, the Group has successfully established its market position and maintained stable, reputable and loyal customer base in the construction industry in the PRC.

Topic: Press release summary

Equipment from 48 Olympic champions in Tokyo among more than 400 objects added to IOC’s heritage collections in 2021

The wrestling kit of four-time Olympic champion Mijaín López Núñez, a basketball jersey from living legend Sue Bird, Swiss tennis star Belinda Bencic’s Olympic outfit and several pieces of skateboarding equipment are among the 425 new acquisitions made by the IOC’s heritage team during 2021, with a rich haul from Tokyo 2020. 

Olympians participating at Tokyo 2020 donated more than 100 items to the International Olympic Committee (IOC)’s Culture and Heritage collections – all of which will head to The Olympic Museum in Lausanne, Switzerland, and become part of Olympic heritage for posterity.

At each edition of the Olympic Games, the IOC’s Culture and Heritage team brings together an emblematic collection of athletes’ equipment, uniforms, objects and audiovisual documents that will encapsulate the edition for future generations. The collections at Tokyo 2020 covered 28 of the 33 sports, with a special focus on the new sports and disciplines on the Olympic programme, such as surfing, skateboarding and sport climbing, resulting in the acquisition of more than 50 pieces of skateboarding equipment, surfing suits and even parts of the climbing wall. All of these will be showcased in a brand-new exhibition at The Olympic Museum in March 2022.

“We have a really exciting new collection to present to the Olympic family and the world, and look forward to displaying some of it in our upcoming ‘Riding the Olympic Wave’ exhibition,” said Yasmin Meichtry, Associate Director of the Olympic Foundation for Culture and Heritage (OFCH), who leads the IOC Culture and Heritage collection. “Thanks to a very successful engagement with athletes, International Sports Federations (IFs) and National Olympic Committees (NOCs), we managed to gather 104 donations from 28 disciplines and 34 NOCs at Tokyo. Forty-eight of those were from Olympic champions.”

Additionally, fruitful collaboration with the Tokyo 2020 Organising Committee allowed the team to bring back to The Olympic Museum numerous artefacts such as medals, torches and licensed products that will document this edition of the Games in Olympic history. Also part of the heritage collections is the “Words of Olympians” oral history programme, with a series of interviews that preserve a first-hand account of what it is like to be at the Olympic Games, as well as the socio-cultural context of the editions. In all, 73 Words of Olympians interviews were recorded at Tokyo 2020, with Olympians, IOC members and IF representatives.

A total of 41,240 photos and 7,428 hours of video were also added to the Olympic Multimedia Library (TOML) in 2021, with most of the content coming from the coverage of Tokyo 2020.

“Besides securing the proper archiving of the Tokyo Olympic broadcast and its availability for future generations, the OFCH team is also coordinating the production of the Official Film, which will join our legacy collection of more than 100 years of Olympic films,” added Meichtry. “The Tokyo 2020 Official Film, directed by internationally renowned filmmaker Naomi Kawase, will be released in spring 2022.”

With a successful Tokyo 2020 edition under their belt, the Heritage team are now turning their attention to the Olympic Winter Games Beijing 2022, being held from 4 to 20 February. These Games will mark the first time in history that a city has played host to both Summer (2008) and Winter editions of the Olympic Games. With more than 2,800 athletes and seven new events – women’s monobob, men’s and women’s freestyle skiing big air, and mixed-team events in short track, ski jumping, freestyle skiing aerials and snowboard cross – there are several “firsts” that the heritage team have their eyes on.

“Our focus for the collection in Beijing is on the NOCs who perform well in the winter, but we also target the athletes with great Olympic stories,” said Audrey Bongard, Archivist Team Coordinator for the OFCH. “Stories of great perseverance, athletes overcoming obstacles to participate in the Games or amazing ‘firsts’ and records will allow us to tell the stories of the Games through those gifts to the collections. Of course, the new disciplines will be targeted, but we will also put great effort into collecting objects that are typically hard to find, such as full figure skating kits or helmets that are personalised and decorated.”

The remit of the OFCH Heritage Unit includes acquiring, preserving, restoring, documenting and ensuring the availability of more than 90,000 artefacts, 650,000 photographs, 45,000 hours of videos and 8,800 hours of sound documents, for internal and external partners.

Intech Equipment and Supply Wins Two 2020 SFWW Members Choice Awards

Intech Equipment and Supply (Intech), a leading supplier of spray foam equipment, parts and accessories, and related services, today announced that it has received two Spray Foam Worldwide (SFWW) Members Choice awards in the U.S. Equipment and Parts and U.S. Rig Builder categories.

SFWW was founded in 2016 as a Facebook group where spray foam contractors, business owners, and other industry professionals could meet and share ideas. It quickly grew into one of the largest global communities for spray foam industry professionals and serves as an environment where contractors, applicators, technical support and sales reps in the U.S. and Canada can communicate with one another and trade ideas as well as discuss tips and best practices.

Each year, SFWW members have the opportunity to vote for spray foam companies, material suppliers, and technical support representatives that they feel have offered exemplary service and support. The 2020 winners for the U.S. and Canada include:

United States
• US Rig Builder – Intech Equipment & Supply
• US Equipment & Parts – Intech Equipment & Supply
• US Material Supplier- Lapolla (HBS) Tyler Fiske
• US Tech Support – Wyndell Gossett
• CAN Rig Builder – Gord Maginnis
• CAN Equipment & Parts – Pinnacle West Ehren Pinnacle
• CAN Material Supplier – Genyk Foam Mike Richmond
• CAN Tech Support – Gord Maginnis

“We take pride in being recognized by fellow SFWW members for providing top-quality spray foam equipment and parts as well as custom-built spray foam rigs,” said John Toolis, Intech Co-Founder. “Our sales and technical support teams strive to provide the best possible service and support, and we appreciate knowing that it is having a positive impact in the industry.”

About Spray Foam Worldwide
Spray Foam Worldwide was launched in June 2016 as a community where spray foam industry professionals could collaborate and trade ideas. It has grown organically during the past four years to include business owners, contractors, applicators, techs, and sales professionals worldwide. For more information, visit sprayfoamww.com.

About Intech Equipment and Supply
Founded in 1995, Intech Equipment & Supply has served as a pioneer in the Spray Polyurethane Foam (SPF) insulation industry for several decades. As a leading spray foam equipment provider, it offers Spray Foam Contractors spray foam equipment, mobile spray foam rigs, parts, education and training, troubleshooting, and other related services. For more information, visit intechequipment.com or call 602-257-0738.