CEO's Message

 

Dear Shareholders,

 

On behalf of the Board of Directors (the “Board”), I am pleased to present the Annual Report and Audited Accounts of Raffles Education Corporation Limited (the “Company”) and together with its subsidiaries (the “Group”) for the financial year ended 30 June 2021.

 

The Covid-19 pandemic is not only claiming lives but is subjecting the global social order and businesses to extraordinary stress rarely seen before. Continuing for a second year, it has affected the education sector significantly with uncertainty around travel and all aspects of business.

 

As a result, we have seen a major decline in the number of foreign students enrolled in some of our institutions, in particular our international schools in Johor, Malaysia and Bangkok, Thailand, owing largely to the travel restrictions imposed by various countries where our colleges and schools are located.

 

We have, however, attempted to mitigate the financial impact by focusing on improved enrolment of local students who have been unable to travel to institutions of learning abroad or have preferred to stay at home during this time. We have set in motion plans to seize this opportunity and have seen a healthy level of enrolments of local students over the last year in our colleges in the People’s Republic of China. We have also used digital technology to help students with e-learning to ensure that they have seamlessly continued with their education in these uncertain times.

 

We believe that going forward, maintaining a healthy balance between local and foreign student enrolments and incorporating technology-driven e-learning solutions will be key to strengthening the Company’s services to its students and financial performance.

 

We remain confident that we have the right management team, a resilient business model, and a decisive forward-looking strategy to weather these uncertain times and emerge stronger from the pandemic.

 

To conclude, I would like to thank the Board, all staff members and teachers for their continued unwavering dedication, professionalism, and their invaluable contributions to the Group throughout an incredibly challenging period.

 

Please stay safe and healthy.

 

 

Mr Chew Hua Seng

Chairman and CEO

 

 

 

CEO’s Message was extracted from Annual Report 2021 publication. Information is correct at the point of print.