Kingsmen Creatives is well positioned to get through the current demanding times, Singapore-based communication design and development company Kingsmen Creatives said in its annual report.
Group CEO Andrew Cheng said: “2019 saw us take major strides in positioning ourselves to deliver sustainable growth for our business amid an evolving market and disruption.”
Implementing the company’s expected expansion into experiential attractions includes Toybox, a multi-brand “carnival” operated by US Toy giant Hasbro, the world’s first Nerf Action Xperience arena and Living Worlds: An Animal Planet Experience, the worlds-first travelling exhibition of wildlife and discovery.
“These three experiential attractions are part of the next phase of our business transformation and will position Kingsmen for long-term growth and value creation,” he added.
The coronavirus pandemic could not have come a worse time for the operator, as its latest attractions are still in the infancy stage and thus have had an effect on the operator’s profitability. It also, says the CEO, faced market turmoil caused by trade tensions between the US and China, growing global instability and stepping up competition in the markets it operates in. It did, however, record a 1.4% rise in sales to SGD 365.9 m but a 93.6% fall in net income to $0.5 m in 2019.
Its revenue from the exhibits, thematic and attractions division rose 7.2 percent in 2019 to $171.7 million compared to $160.2 million in 2018, while a large project pipeline was completed in 2019. ”
“The division is taking deliberate steps to coordinate resources to handle the current massive disruption to the exhibitions and events segment and be ready for the influx when business resumes.
“We continue to seek out new opportunities, especially in the thematic and attraction space to ensure that the division is well-positioned to stay afloat despite current sentiments,” said Cheng.
“For now, the COVID-19 crisis is threatening to put the global economy into a recession and the full impact has yet to be felt. However, we take assurance that we have strong foundations, built over the past few decades that will allow us to weather through these tough times. Beyond our well-established capabilities and global reach, our dedicated team of people continually innovate and look to create better experiences and differentiated value.”
Looking forward, the CEO said: “we know we are facing a future that will continue to change rapidly. We remain focused on executing our strategy, capitalising on opportunities to drive stronger performance, and creating even greater value for our clients, and for you, our shareholders.”