The board of directors of Khoon Group Limited announced that based on preliminary assessment of the unaudited consolidated management accounts of the Group for the five months ended 30 November 2022, it is expected to record a net profit attributable to owners of the Company for the six months ended 31 December 2022 of not more than approximately SGD 0.7 million as compared to a net loss of approximately SGD 0.1 million for the corresponding period in 2021. Based on the information currently available, the Board is of the view that the net profit attributable to owners of the Company for the six months ended 31 December 2022 was mainly attributable to the recovery of construction industry in Singapore given the improvement in COVID-19 situation in Singapore. Since July 2022, the entry requirement for Construction, Marine Shipyard and Process sectors work permit holders have been further eased and there have been an influx of migrant workers into Singapore.

Consequently, the influx of migrant workers into Singapore have moderated the labour costs and speed up the progress of the Group's on-going projects and led to an increase in revenue and net profit recognised over the six months ended 31 December 2022.