MEDTECS INTERNATIONAL CORPORATION LIMITED
(Incorporated in Bermuda)
PROFIT GUIDANCE FOR THE QUARTER ENDED 30 SEPTEMBER 2021
The Board of Directors (the "Board") of Medtecs International Corporation Limited (the "Company" and together with its subsidiaries, the "Group") wishes to inform the shareholders and potential investors of the Company that, based on a preliminary review of the unaudited management accounts of the Group for the quarter ended 30 September 2021 ("3Q 2021") and information currently available, the Company's 3Q 2021 performance is not expected to be as strong as the first half of the financial year ending 31 December 2021, but the Group will remain profitable.
This is mainly due to existing customers completing their stockpiling exercises in 2020, subsequent inventory adjustment attributable to certain customers, and the stabilization of the supply and prices of the PPE market globally. Notwithstanding the above, such market changes are not expected to have a material adverse impact on the overall financial position of the Group, which remains healthy. The Group's cash position and low debt-to-equity ratio can well support the Group's on-going expansion plans and projects.
The Group continues to engage with group purchasing organisations, institutional clients and government agencies to initiate provision of its PPE and PPE stockpiling services. We are also focusing on marketing, advertising and distribution activities for "Medtecs" and "CoverU" brands, which will boost the marketability of the Company as a healthcare supplier of choice. We have several ongoing stockpiling projects for PPEs and military uniforms in the Philippines, which are expected to provide additional streams of revenue that will positively impact the Group's bottom line for the financial year ending 31 December 2021.
This announcement is based on a preliminary assessment of the latest unaudited consolidated management accounts of the Group and is not based on any financial figures or information which have been audited or reviewed by the Group's auditors. Further information on the Group's financial performance for the nine months ended 30 September 2021 will be disclosed when the Company announces its voluntary business updates and selected financial information for the nine months ended 30 September 2021 in due course.
Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company. Persons who are in doubt as to the action they should take should consult their stockbrokers, bankers, solicitors, accountants, or other professional advisers.
Submitted by Mr Clement Yang, Executive Chairman, on 17 November 2021 to the SGX- ST.
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Media / Investor Relations Contact:
Citigate Dewe Rogerson Singapore Pte Ltd
Ms Samantha Lee / Mr Justin Teh
Tel: +65 6534 5122
Email:investor.relations@medtecs.com
This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, R & T Corporate Services Pte. Ltd, ("Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("Exchange"). The Sponsor has not independently verified the contents of this announcement including the accuracy or completeness of any of the figures used, statements, opinions or other information made or disclosed.
This announcement has not been examined or approved by the Exchange. The Exchange assumes no responsibility for the contents of this announcement including the correctness of any of the statements or opinions made or reports contained in this announcement.
The contact persons for the Sponsor are Ms Evelyn Wee (Tel no.: +65 6232 0724) and Mr Howard
Cheam Heng Haw (Tel no.: +65 6232 0685), R & T Corporate Services Pte. Ltd., at 9 Straits View, Marina One West Tower, #06-07 Singapore 018937.