TIONG WOON CORPORATION HOLDING LTD MOVING FORWARD GROWING STRONGER SUSTAINABILITY REPORT 2025
CONTENTS 01 Board Statement 02 Corporate Profile 03 About the Report 04 Sustainability Governance 06 Stakeholder Engagement 08 Material Topics Assessment 11 Our Alignment with the UN SDGS 12 Creating Sustainable Growth 14 Integrated Quality, Safety & Environment Management 16 Safety Leadership and Risk Management 21 Empowering Our People 25 Employee Experience and WellBeing 30 Talent Development and Growth 32 Climate Strategy and IFRS S2 Disclosures 36 Energy Management & Innovation 39 Water Stewardship & Conservation 40 Waste Management and Circular Economy 41 Strategic Sustainability Targets 46 GRI Content Index 52 TCFD Disclosures Index
1 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 BOARD STATEMENT DEAR STAKEHOLDERS, The Board of Directors of Tiong Woon Corporation Holding Ltd (“TWC” or the “Group”) is proud to present our Sustainability Report for the financial year ended 30 June 2025 (“FY2025”). This year marks a pivotal moment in our sustainability journey as we advance our commitment to engineering resilience and powering sustainable infrastructure across our global operations. STRATEGIC TRANSFORMATION AND INNOVATION FY2025 has been characterised by strategic transformation and purposeful innovation. We have reimagined our approach to sustainability, moving beyond compliance to embrace sustainability as a core driver of business value creation. Our integrated strategy connects environmental stewardship, social responsibility, and robust governance with our long-term business objectives. Throughout this transformative year, we have strengthened our position as a sustainability leader in the heavy lifting industry. Our comprehensive approach addresses the complex challenges of climate change, resource optimisation, and stakeholder value creation while maintaining our reputation for operational excellence and safety leadership. CLIMATE LEADERSHIP AND REGULATORY EXCELLENCE This year marks our inaugural adoption of the IFRS S2 Climate-related Disclosures standards, positioning TWC at the forefront of transparent climate reporting. We have enhanced our climate risk management framework, conducting comprehensive scenario analyses that inform our strategic decision-making and investment priorities. Our Board maintains active oversight of climate-related risks and opportunities, ensuring they are fully integrated into our business strategy and risk management processes. The transition to IFRS S2 has strengthened our climate disclosures, providing stakeholders with enhanced transparency on how climate considerations shape our business resilience and strategic direction. We have made significant progress in quantifying the financial implications of climate risks and opportunities, enabling more informed strategic planning and stakeholder engagement. FUTURE-READY STRATEGY Looking ahead, we are well-positioned to capitalise on emerging opportunities in sustainable infrastructure development. Our strategic investments in green technology, workforce development, and stakeholder partnerships position TWC as a preferred partner for clients seeking sustainable heavy lifting solutions. We remain committed to advancing the United Nations Sustainable Development Goals while creating long-term value for all stakeholders. The Board and management team extend our gratitude to all stakeholders for their continued support and partnership. Together, we are engineering a resilient future that balances operational excellence with environmental stewardship and social responsibility. Yours faithfully, MR ANG KAH HONG Executive Chairman For and on behalf of the Board
2 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 CORPORATE PROFILE Listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”) Mainboard since 1999, Tiong Woon (“TWC”) is a leading one-stop integrated heavy lift specialist and service provider, supporting mainly the oil and gas, petrochemical, infrastructure and construction sectors, with proven track record of more than 45 years. The Group manages turnkey projects for engineering, procurement and construction contractors and project owners from planning and designing heavy lift and haulage requirements to the execution stage. The heavy equipment is transported, lifted and installed at customers’ facilities. The Group also purchases and operates its own heavy lift and haulage equipment, tugboats and barges. This allows the Group to be flexible, nimble and efficient when providing integrated services to its customers. Headquartered in Singapore, the Group has a strong regional presence with establishments in twelve countries. It is ranked 15th in IC100 2025 survey. Under the strong leadership and far-sighted vision of the Group’s management team, TWC is committed to providing timely, high quality and safe services to its customers anywhere in the world.
3 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 ABOUT THE REPORT REPORTING SCOPE AND FRAMEWORK This Report comprehensively documents our sustainability performance, strategic initiatives, and stakeholder impact for the financial year from 1 July 2024 to 30 June 2025. The report should be read alongside our Annual Report 2025 and supplementary sustainability communications available on our corporate website. Our reporting scope encompasses Singapore operations.1 All data and performance metrics reflect FY2025 activities unless otherwise specified, with reporting periods aligned to our financial year for consistency and stakeholder clarity. IFRS S2 INTEGRATION This Report represents our inaugural application of IFRS S2 Climate-related Disclosures standards. We have enhanced our climate-related financial disclosures to provide stakeholders with comprehensive transparency on climate risks, opportunities, and strategic responses. The Report integrates IFRS S2 requirements with established GRI Universal Standards 2021 and TCFD recommendations, creating a robust framework for sustainability disclosure. Our climate-related disclosures specifically address the four core pillars: governance, strategy, risk management, and metrics and targets, providing stakeholders with decision-useful information on climate-related financial impacts. REPORT QUALITY ASSURANCE Information presented has been consolidated by our Sustainability Reporting Working Group (“SRWG”), comprising cross-functional teams and external advisory support. We have applied GRI principles of accuracy, balance, clarity, comparability, reliability, and timeliness, alongside IFRS S2 qualitative characteristics of relevance and faithful representation. This Report has undergone comprehensive internal review processes and Board oversight. The Group has not sought external assurance for this Report. STAKEHOLDER FEEDBACK We welcome stakeholder engagement and feedback as essential components of our sustainability journey. Please direct your comments and inquiries to sustainability@tiongwoon.com as we continue advancing our sustainability performance and disclosure practices. 1 We have commenced data collection from our overseas entities, and the information will be progressively included in subsequent Sustainability Reports.
4 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 SUSTAINABILITY GOVERNANCE INTEGRATED GOVERNANCE FOR SUSTAINABLE VALUE CREATION At TWC, we recognise that robust sustainability governance forms the foundation of our ability to create longterm value while managing environmental and social impacts effectively. Our governance framework integrates sustainability considerations into strategic decision-making at all organisational levels, ensuring accountability, transparency, and stakeholder alignment. STRATEGIC GOVERNANCE ARCHITECTURE Our sustainability governance operates through a structured hierarchy designed to ensure effective oversight, strategic integration, and operational excellence. The Board of Directors provides ultimate accountability for sustainability strategy and performance, supported by specialised committees and working groups that translate strategic vision into operational reality. BOARD-LEVEL SUSTAINABILITY OVERSIGHT The Board and Audit Committee maintain direct oversight of material environmental, social, and governance factors, ensuring sustainability considerations are embedded within business strategy and risk management frameworks. This integrated approach enables us to identify emerging opportunities, manage systemic risks, and align stakeholder expectations with business objectives. Our directors receive regular sustainability training and updates on emerging regulatory requirements, including IFRS S2 implementation and evolving stakeholder expectations. OPERATIONAL EXCELLENCE FRAMEWORK The Sustainability Reporting Committee (“SRC”) drives strategic implementation and performance monitoring, supported by cross-functional working groups that ensure sustainability integration across all business operations. This distributed approach enables rapid response to emerging challenges while maintaining strategic alignment and operational excellence. Key operational responsibilities include strategy execution, data management, regulatory compliance monitoring, and performance optimisation across all material sustainability topics. Our integrated approach ensures sustainability considerations inform daily operations while supporting long-term strategic objectives. RISK MANAGEMENT INTEGRATION Sustainability risks and opportunities are fully integrated within our enterprise risk management framework, ensuring systematic identification, assessment, and mitigation of material sustainability impacts. Regular risk assessments inform strategic planning, investment decisions, and operational protocols, enabling proactive risk management and opportunity optimisation.
5 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 SUSTAINABILITY GOVERNANCE PERFORMANCE MANAGEMENT AND ACCOUNTABILITY Our governance framework includes robust performance management systems that track sustainability metrics, evaluate strategic progress, and ensure accountability across all organisational levels. Regular performance reviews inform strategic adjustments and enable continuous improvement in sustainability outcomes. Sustainability performance is integrated into leadership evaluation processes, ensuring alignment between individual accountability and organisational sustainability objectives. This approach creates strong incentives for sustainability excellence while supporting long-term value creation. BOARD OF DIRECTORS AUDIT COMMITTEE SUSTAINABILITY REPORTING COMMITTEE SUSTAINABILITY REPORTING WORKING GROUP Corporate Governance Safety and Health Workplace and Human Capital Economic Sustainability Supply Chain and Procurement Environmental Performance Community Development Product and Service Excellence Quality of Work and Customer Satisfaction
6 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 STAKEHOLDER ENGAGEMENT Stakeholder Group Modes of Engagement Frequency Strategic Focus Value Creation Opportunities Investors and Capital Partners Annual Report Annual Long-term value creation through sustainable business model evolution Enhanced ESG performance, climate resilience, and strategic risk management Annual shareholders’ meeting Annual Announcements and circulars Regular Financial reports Half-yearly Investor relations events Ad-hoc Regulatory Bodies and Government Site visits and audit checks by regulatory bodies Annual, as required Proactive compliance and industry leadership in sustainability reporting Policy development support, best practice sharing, and regulatory innovation Direct communication and meetings with regulatory bodies Regular Employees and Teams Performance appraisal Annual Career development, well-being enhancement, and purposedriven engagement Skills development, innovation opportunities, and meaningful work experiences Employee satisfaction survey Annual Volunteering activities Ad-hoc Training and development programmes Regular BUILDING COLLABORATIVE RELATIONSHIPS FOR SUSTAINABLE IMPACT Our stakeholder engagement strategy recognises that sustainable value creation requires authentic partnerships, transparent communication, and shared commitment to addressing complex global challenges. We have evolved our approach to emphasise collaboration, co-creation, and mutual value generation across all stakeholder relationships. STRATEGIC PARTNERSHIP FRAMEWORK During FY2025, we prioritised strategic dialogue, collaborative problem-solving, and joint value creation in our stakeholder engagement. Our framework balances stakeholder needs with business objectives while identifying opportunities for mutual benefit and sustainable impact amplification. We regularly assess stakeholder expectations, market dynamics, and emerging trends to ensure our engagement strategy remains relevant, responsive, and value-creating. This proactive approach enables us to anticipate stakeholder needs while positioning TWC as a preferred partner for sustainable infrastructure development. COLLABORATIVE ENGAGEMENT APPROACH
7 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 STAKEHOLDER ENGAGEMENT Stakeholder Group Modes of Engagement Frequency Strategic Focus Value Creation Opportunities Customers and Project Partners Customer satisfaction survey Annual Co-creation of sustainable infrastructure solutions Innovation partnerships, efficiency optimisation, and sustainability value delivery Regular meetings and direct communication Regular Company marketing events Ad-hoc Supply Chain Partners Direct communication and meetings Regular Collaborative sustainability improvement and shared value creation Supply chain resilience, sustainability capability development, and mutual growth Supplier evaluation Annual Communities and Society Site visit and audit checks Regular Positive local impact and sustainable development contribution Economic development, skill building, and community infrastructure enhancement Direct communication and meetings Regular IMPACT MEASUREMENT AND CONTINUOUS IMPROVEMENT Our stakeholder engagement effectiveness is measured through comprehensive impact assessments, satisfaction surveys, and outcome evaluations. Regular feedback collection enables continuous improvement in engagement quality while ensuring stakeholder value creation and satisfaction. Key performance indicators include engagement frequency, satisfaction levels, collaborative project outcomes, and mutual value creation achievements. These metrics inform strategic adjustments and enable optimisation of stakeholder relationship value.
8 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 MATERIAL TOPICS ASSESSMENT IDENTIFICATION Identify EESG issues by examining business activities, stakeholders’ interests, and sectorspecific concerns PRIORITISATION Prioritise salient sustainability issues based on their likelihood and severity VALIDATION Validate and approve sustainability metrics and performance by the Board REVIEW Review regularly and update material EESG issues, consider emerging challenges STRATEGIC FOCUS ON VALUE CREATION AND IMPACT MANAGEMENT Our materiality assessment methodology has evolved to emphasise strategic value creation, stakeholder impact optimisation, and long-term sustainability leadership. We maintain a dynamic approach that responds to changing stakeholder expectations, regulatory requirements, and global sustainability trends while ensuring strategic focus and resource optimisation. ENHANCED ASSESSMENT METHODOLOGY Our FY2025 materiality assessment incorporated enhanced stakeholder consultation, expanded impact evaluation, and strengthened financial materiality analysis. This comprehensive approach ensures our sustainability strategy addresses the most significant opportunities for value creation and impact management across our value chain. INTEGRATED IMPACT ASSESSMENT Our impact assessment evaluates both positive and negative impacts across environmental, social, and economic dimensions, enabling comprehensive understanding of our sustainability influence and strategic opportunity identification. Key impact categories include stakeholder value creation, environmental protection, social development, and economic contribution. This comprehensive assessment informs strategic prioritisation and enables optimisation of positive impact while minimising negative consequences.
9 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 MATERIAL TOPICS ASSESSMENT MATERIAL TOPICS FRAMEWORK Following comprehensive stakeholder engagement and impact assessment, we have confirmed the continued relevance of our material topics while enhancing our strategic approach to value creation and impact management: Category Strategic Focus Impact Opportunities Risks Economic Performance Excellence Sustainable revenue growth, profitability optimisation, and longterm value creation Enhanced stakeholder returns, market leadership, and economic development contribution Market volatility, regulatory changes, and economic uncertainty Climate Change Leadership Climate risk management, opportunity optimisation, and transition leadership Carbon footprint reduction, climate resilience enhancement, and green technology advancement Physical climate risks, transition risks, and regulatory compliance Energy Efficiency and Innovation Energy optimisation, renewable energy adoption, and efficiency technology development Operational cost reduction, environmental impact minimisation, and innovation leadership Energy security, cost volatility, and technology transition risks Resource Management Excellence Water conservation, waste minimisation, and circular economy principles Resource efficiency enhancement, environmental protection, and cost optimisation Resource scarcity, environmental regulation, and operational efficiency Customer Success and Satisfaction Service excellence, innovation partnership, and value co-creation Customer loyalty enhancement, market differentiation, and sustainable solution development Service quality risks, customer relationship challenges, and market competition Employee Excellence and Well-being Talent development, well-being optimisation, and inclusive culture creation Productivity enhancement, innovation capability, and retention improvement Talent shortage, skills gaps, and workforce engagement challenges Workplace Safety and Health Leadership Safety culture excellence, risk prevention, and health promotion Incident reduction, productivity enhancement, and reputation strengthening Safety incidents, regulatory compliance, and operational disruption Talent Development and Growth Skills development, career advancement, and capability building Innovation enhancement, competitive advantage, and employee satisfaction Skills obsolescence, talent retention, and capability gaps Corporate Governance Leadership Ethical leadership, transparency enhancement, and stakeholder trust building Reputation strengthening, risk management, and sustainable governance Governance failures, compliance risks, and stakeholder trust erosion
10 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 MATERIAL TOPICS ASSESSMENT MATERIALITY MATRIX EVOLUTION Our materiality matrix reflects the dynamic relationship between stakeholder importance and business impact, providing strategic guidance for resource allocation and strategic focus: Economic Environmental Social Governance Critical • Economic Performance • Energy Consumption • Climate Change • Employment Wellbeing • Workplace Health and Safety • Customer Satisfaction • Corporate Governance Moderate • Water Consumption • Waste Management • Talent Development
11 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 OUR ALIGNMENT WITH THE UN SDGS Our Material Topics Our Commitment Contribution to UN SDGs Economic: • Economic Performance • TWC aims to generate positive returns for our stakeholders. Environment: • Energy Consumption • Climate Change • Water Consumption • Waste Management • TWC seeks to create awareness of the risks that climate change poses to our business, as severe weather has the potential to disrupt services and damage our facilities. • TWC is committed to ensuring the efficient use of environmental resources to reduce environmental footprint from our core activities and business practices. • TWC is committed to minimising our electricity and water consumption in our operations. • TWC is committed to minimising the output of waste and engage in good waste management practices. Social: • Employment Wellbeing • Workplace Health and Safety • Customer Satisfaction • Talent Development • TWC embraces fair employment practices and selects candidates based on merit, regardless of their age, gender, nationality, religion and sexual orientation. • TWC offers opportunities for career growth to attract new talents and retain existing employees. • TWC is dedicated to creating a safe working environment for our employees to promote positive health and well-being effects. • TWC works closely with our customers to ensure the delivery of high-quality services. Governance: • Corporate Governance • TWC is committed to upholding fair and ethical business conduct, complying with the applicable law and regulations as well as industry’s best practices. • TWC has zero-tolerance for acts such as fraud, bribery, and corruption. ADVANCING GLOBAL SUSTAINABILITY THROUGH STRATEGIC ACTION TWC’s commitment to the United Nations Sustainable Development Goals (“UN SDGs”) reflects our understanding that business success and global sustainability are intrinsically connected. Our strategic approach focuses on eight priority SDGs where our business capabilities, expertise, and influence enable meaningful contribution to global sustainable development. INTEGRATED VALUE CREATION APPROACH Our SDG contribution strategy operates through three complementary pathways: • Core Business Integration: Embedding sustainability principles within our service delivery, operational excellence, and customer relationships to create shared value and sustainable impact. • Innovation Leadership: Developing and deploying innovative technologies, methodologies, and partnerships that advance sustainable development while strengthening our competitive position. • Stakeholder Collaboration: Building strategic partnerships with customers, suppliers, communities, and institutions to amplify sustainability impact and accelerate progress toward global goals. STRATEGIC SDG INTEGRATION FRAMEWORK Our SDG contribution strategy emphasises outcome optimisation, impact measurement, and collaborative advancement. We have identified specific contribution pathways that leverage our core competencies while addressing critical global challenges through our business operations and stakeholder partnerships.
12 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 CREATING SUSTAINABLE GROWTH Policy Framework Strategic Purpose Ethics and Integrity Charter Establishes ethical decision-making standards and behavioural expectations across all organisational levels Whistleblowing and Transparency Protocol Provides secure channels for reporting concerns while protecting reporter confidentiality and ensuring appropriate response Risk Management Integration System Integrates sustainability risks within enterprise risk management for comprehensive risk oversight and mitigation Board Diversity and Capability Framework Ensures Board composition reflects diverse perspectives, relevant expertise, and strategic guidance capabilities FOUNDATION FOR SUSTAINABLE VALUE CREATION TWC recognises that exceptional governance provides the foundation for sustainable business success, stakeholder trust, and long-term value creation. Our governance framework integrates sustainability considerations with strategic decision-making, risk management, and stakeholder engagement to ensure resilient and responsible business operations. INTEGRATED GOVERNANCE FRAMEWORK Our governance approach combines traditional corporate governance excellence with advanced sustainability governance capabilities. This integrated framework ensures that economic, environmental, social, and governance considerations inform all strategic decisions while maintaining operational effectiveness and stakeholder accountability. KEY GOVERNANCE POLICIES AND IMPLEMENTATION SUSTAINABILITY GOVERNANCE LEADERSHIP Our sustainability governance operates through dedicated leadership structures that ensure strategic integration, performance accountability, and continuous improvement. The SRC maintains strategic oversight while operational teams implement sustainability initiatives across all business functions. Board-level sustainability oversight includes regular performance reviews, strategic planning sessions, and stakeholder engagement assessments. This comprehensive approach ensures sustainability considerations inform strategic decisions while enabling rapid response to emerging opportunities and challenges. PERFORMANCE AND ACCOUNTABILITY FRAMEWORK Our governance performance is measured through comprehensive indicators including ethical compliance, transparency effectiveness, stakeholder satisfaction, and sustainability integration quality. Regular assessments enable continuous improvement while ensuring accountability across all governance dimensions. FY2025 GOVERNANCE ACHIEVEMENTS • 100% communication of anti-corruption policies and procedures to all governance body members and employees. • Zero confirmed incidents of corruption or ethical violations. • Three Board members were sent for Anti-Bribery and Corruption training by external trainers. COMMITMENT TO CONTINUOUS IMPROVEMENT We maintain an ongoing commitment to governance excellence through regular framework reviews, best practice integration, and stakeholder feedback incorporation. Our approach ensures governance capabilities evolve with changing stakeholder expectations and regulatory requirements while maintaining strategic effectiveness.
13 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 CREATING SUSTAINABLE GROWTH Financial Year FY2024 SGD’000 FY2025 SGD’000 Economic Value Generated 143,132 163,524 Economic Value Distributed Operating Costs 66,565 80,438 Employee Wages and Benefits 52,579 59,345 Capital Providers3 6,199 7,632 Government4 6,547 4,949 Communities5 51 74 Total Economic Value Distributed 131,941 152,438 Net Economic Value Retained 11,191 11,086 SUSTAINABLE BUSINESS MODEL EXCELLENCE TWC’s economic strategy emphasises sustainable value creation that balances stakeholder returns with environmental stewardship and social responsibility. Our approach focuses on long-term profitability, market leadership, and strategic resilience while contributing to sustainable economic development across our operating regions. STRATEGIC VALUE CREATION FRAMEWORK Our economic model integrates traditional financial performance with sustainability value creation, enabling comprehensive stakeholder value delivery while strengthening our market position and competitive advantages. This approach ensures business resilience while supporting long-term stakeholder benefit and sustainable development. ECONOMIC IMPACT AND CONTRIBUTION During FY2025, TWC generated significant economic value2 for stakeholders while advancing our sustainability objectives: SUSTAINABLE GROWTH STRATEGY Our economic strategy prioritises sustainable revenue growth through market expansion, service innovation, and operational excellence. Key growth drivers include increasing demand for sustainable infrastructure solutions, technological advancement opportunities, and strategic partnership development. Investment priorities include fleet modernisation with environmentally efficient equipment, digital technology advancement, and workforce capability development. These strategic investments position TWC for long-term growth while enhancing our sustainability performance and market differentiation. FINANCIAL RESILIENCE AND RISK MANAGEMENT We maintain robust financial management practices that ensure business resilience while enabling strategic investment in sustainability initiatives and growth opportunities. Our financial strategy balances profitability optimisation with long-term value creation, ensuring sustainable business operations and stakeholder value delivery. Risk management integration includes comprehensive assessment of economic risks, market volatility factors, and sustainability-related financial impacts. This approach enables proactive risk mitigation while identifying opportunities for sustainable value creation and competitive advantage enhancement. 2 The reported economic performance figures are for the entire Group. 3 Represents sum of interest paid to financial institutions and dividends paid to equity holders. 4 Represents current income tax and property tax paid but excludes deferred tax for the year. 5 Represents voluntary donations.
14 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 INTEGRATED QUALITY, SAFETY & ENVIRONMENT MANAGEMENT Our Group Finance Policy guides our practices in managing finance-related procedures and practices to ensure that the Group’s financial objectives are met. However, the Group does not disclose its targets for economic performance to avoid such disclosures being mis-interpreted as a financial forecast. Details of the Group’s financial information can be found in Annual Report FY2025. EXCELLENCE THROUGH SYSTEMATIC QUALITY LEADERSHIP Our quality management philosophy centres on systematic excellence, continuous improvement, and stakeholder value optimisation. We have evolved our quality framework to integrate sustainability considerations with operational excellence, ensuring that our services deliver superior outcomes while advancing environmental and social objectives. COMPREHENSIVE QUALITY ARCHITECTURE Our quality management system operates through integrated processes that ensure consistent service delivery, customer satisfaction, and sustainability performance. This comprehensive approach enables us to exceed customer’s expectations while advancing our sustainability commitments and market leadership objectives. CORE QUALITY PRINCIPLES: • Client-Centric Excellence: Every service delivery decision prioritises client success, safety, and sustainability value creation • Systematic Improvement: Continuous enhancement of processes, capabilities, and outcomes through datadriven optimisation • Innovation Integration: Proactive adoption of technologies and methodologies that enhance quality and sustainability performance • Stakeholder Value: Quality delivery that creates value for all stakeholders while supporting long-term business success QUALITY MANAGEMENT STANDARDS AND CERTIFICATIONS Our quality credentials reflect our commitment to international excellence standards and industry’s best practices: • ISO 9001:2015 - Quality Management Systems • ISO 45001:2018 - Occupational Health and Safety Management Systems • ISO 14001:2015 - Environmental Management Systems • BizSAFE Level Star - Workplace Safety and Health Excellence These certifications demonstrate our systematic approach to quality, safety, and environmental management while providing stakeholders with confidence in our operational capabilities and commitment to excellence. CUSTOMER SATISFACTION AND VALUE CREATION Our customer satisfaction strategy emphasises partnership development, value co-creation, and sustainable solution delivery. We maintain comprehensive feedback systems that enable continuous improvement while ensuring customer needs inform our strategic development and service innovation.
15 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 INTEGRATED QUALITY, SAFETY & ENVIRONMENT MANAGEMENT Services Average Satisfaction Level - Scale from 1 (poor) to 5 (excellent) FY2023 (55 respondents) FY2024 (93 respondents) FY2025 (61 respondents) Crane Services 4.17 4.26 4.12 Transport Services 4.18 4.24 4.15 Support Services (Marketing and Technical) 4.26 4.32 4.27 Support Services (Field Operations) 4.14 4.29 4.16 Customer Service 4.22 4.26 4.28 Based on the above survey, we attained a customer satisfaction rating of 84% in FY2025 (FY2024: 85%), surpassing our target of 70% customer satisfaction. Our strong customer satisfaction stems from the helpfulness of our crane service operators, the deep technical knowledge and professionalism of our support teams, and the efficiency of our customer service in addressing enquiries. We sincerely appreciate the trust our customers place in us and remain committed to meeting or exceeding their expectations. Annually, a customer satisfaction survey is conducted to gather information about customers’ needs and preferences and to evaluate service quality. In Singapore, 61 customers from various industries participated in the FY2025 survey6. They assessed five main services based on criteria such as equipment reliability, response time to breakdown recovery, and punctuality. Feedback was consolidated and reviewed, with actions identified for potential service improvements. The FY2025 survey results are presented below. FY2025 CUSTOMER SATISFACTION PERFORMANCE 6 The survey was carried out by a significant operating subsidiary in Singapore. We will progressively expand the scope of survey to encompass more entities in subsequent Sustainability Reports.
16 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 SAFETY LEADERSHIP AND RISK MANAGEMENT In FY2025, TWC continued to prioritise a safe and healthy work environment. To reduce workplace incidents and health risks, we conducted our annual review of the Health, Safety and Environmental (“HSE”) Policy and maintained key certifications, including ISO 14001:2015, ISO 45001:2018, and bizSAFE Level Star. These systems apply to all employees and contractors under the Group’s operational control. Risk assessments are reviewed every three years and regularly updated through inspections and employee feedback. Our workers are empowered to refuse unsafe work, supported by a non-retaliation incident reporting system. The HSE Committee oversees safety implementation, policy enforcement, incident investigations, and corrective actions. Our OHS practices comply with relevant legal and regulatory standards, strengthening our safety culture. The HSE Department, staffed with MOM-registered WSH Officers and Coordinators, leads our safety efforts. A bizSAFE-trained Risk Assessment Team manages hazard identification and control. The Estate Department Team conducts fire safety checks and emergency drills, while the Human Capital team ensures new hires are fit for work and trained on WSH responsibilities, and competencies conforming to applicable WSH regulations In marine operations, employees are certified in ship firefighting and piracy mitigation to handle maritime emergencies safely. Compliance is monitored through regular internal audits and third-party external reviews. Vendor HSE performance is assessed during onboarding and annually to ensure alignment across the supply chain. CREATING ZERO-HARM WORK ENVIRONMENTS Safety excellence represents the cornerstone of our operational philosophy, reflecting our fundamental commitment to protecting every individual who works with us or is impacted by our operations. Our safety leadership approach integrates systematic risk management with cultural transformation to create work environments where safety is everyone’s responsibility, and every incident is preventable. INTEGRATED SAFETY MANAGEMENT SYSTEM Our safety framework operates through comprehensive risk assessment, systematic hazard management, and continuous capability development. This integrated approach ensures consistent safety performance while enabling proactive risk mitigation and continuous improvement across all operational contexts. SAFETY LEADERSHIP PRINCIPLES: • Zero Tolerance for Preventable Incidents: Every incident represents an opportunity for learning and systematic improvement • Proactive Risk Management: Identifying and mitigating risks before they result in incidents or unsafe conditions • Collective Responsibility: Safety excellence requires active participation and accountability from every team member • Continuous Learning: Regular training, skill development, and knowledge sharing to enhance safety capabilities
17 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 SAFETY LEADERSHIP AND RISK MANAGEMENT For Employees FY2023 FY2024 FY2025 Estimated number of man-hours worked 1,500,652 1,526,790 1,647,620 Number Rate Number Rate Number Rate Fatalities as a result of work-related injury and ill health - - - - - - High-consequence work-related injuries7 (excluding fatalities) - - - - - - Recordable work-related injuries and ill health8 9 6.00 7 4.609 6 3.60 Main types of work-related injuries and ill health • Slip, trip and fall • Equipmentrelated injury • Equipmentrelated injury • Pinch point • Hit against objects • Pinch point • Slip, trip and fall For Workers (Sub-contractors)10 FY2023 FY2024 FY2025 Estimated number of man-hours worked 14,987 18,881 61,834 Number Rate Number Rate Number Rate Fatalities as a result of work-related injury and ill health - - - - - - High-consequence work-related injuries (excluding fatalities) - - - - - - Recordable work-related injuries and ill health - - - - - - 7 High-consequence work-related injuries refer to those that results in a fatality or in an injury from which the worker cannot, does not, or is not expected to recover fully to pre-injury health status within 6 months. 8 Work-related injuries or ill health are those that result in any of the following: death, days away from work, restricted work or transfer to another job, medical treatment beyond first aid, or loss of consciousness; or significant injury diagnosed as such by a physician or other licensed healthcare professional, even if it does not result in death, days away from work, restricted work or job transfer, medical treatment beyond first aid, or loss of consciousness. 9 Rate of recordable work-related injuries and ill health in FY2024 has been restated from 3.90 to 4.60 due to an error in reporting. 10 Workers refer to non-employees whose work/workplace is controlled by the organisation; and non-employees on whom the organisation’s operations, products or services have significant occupational health and safety impacts. For TWC, this relates to our sub-contractors. COMPREHENSIVE SAFETY PERFORMANCE FRAMEWORK We have significantly reduced the incident rate in FY2025. Our safety metrics provide transparent visibility into performance trends while enabling strategic optimisation and continuous improvement. Key statistics on the number and rate (per 200,000 recordable working hours) of our work-related injuries and work-related ill health cases are as follows:
18 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 SAFETY LEADERSHIP AND RISK MANAGEMENT SAFETY CULTURE AND CAPABILITY DEVELOPMENT We have significantly reduced the incident rate in FY2025. Our safety metrics provide transparent visibility into performance trends while enabling strategic optimisation and continuous improvement: 1. Road Safety Campaign • Promote a Culture of Safety Among Drivers: Foster a strong safety-first mindset across all levels of the company, especially among drivers and fleet operators, to reduce risky behaviours on the road and compliance to our safe work procedures and methods. • Reduce Road Accidents and Downtime: Minimise the number of accidents involving company vehicles by encouraging defensive driving techniques and adherence to road safety laws, leading to reduced vehicle downtime and repair costs. • Ensure Compliance with Transportation Regulations: Reinforce the importance of following national and regional road safety laws, including vehicle load limits, speed regulations, and driver working hours to ensure full legal compliance. • Protect Company Assets and Reputation: Safeguard vehicles, cargo, and human resources by encouraging responsible driving habits, reducing the risk of damage or loss, and preserving the company’s reputation for reliability and safety. • Enhance Driver Health and Wellbeing: Promote practices that ensure drivers’ physical and mental fitness, including regular rest breaks, health checks, and fatigue management training, which are essential for long-haul logistics.
19 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 2. Line Of Fire and Pinch Points Safety Campaign • Raise Awareness: Educate employees about common hand injury hazards related to Line of Fire situations. • Identify and Control Hazards: Help teams recognise Line of Fire risks in daily tasks and take preventative measures to eliminate or reduce those risks. • Reinforce Safe Work Practices: Promote proper procedures such as using tools instead of hands to guide loads, keeping fingers away from pinch points, and using lock-out/tag-out protocols. • Promote PPE Usage: Encourage consistent use of proper hand protection (gloves rated for the task) and reinforce that PPE is the last line of defence, not the only one. Most hand injuries are preventable. The goal of this campaign is to drive a shift in mindset, from reactive to proactive. Keeping hands out of the line of fire is not just a rule, it’s a responsibility. Together, through awareness, vigilance, and teamwork, we can prevent injuries and protect what matters most. SAFETY LEADERSHIP AND RISK MANAGEMENT 3. Road Safety and Blindspot Safety Campaign • Raised awareness on safe driving practices and blind spot hazards for heavy vehicle operators. • Included demonstrations on safe manoeuvring and defensive driving techniques. • Reinforced the importance of vigilance to prevent road-related incidents and safeguard co-workers and the public.
20 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 5. World Day for Safety & Health at Work Safety Campaign • Reaffirmed the company’s commitment to a safe and healthy workplace. • Featured sharing sessions and activities to reinforce proactive safety ownership. • Promoted continuous learning and care for one another, aligned with our goal of achieving zero harm. EMERGENCY PREPAREDNESS AND RESPONSE EXCELLENCE Our emergency preparedness framework ensures rapid, effective response to any safety incident while minimising impact and enabling rapid recovery. Regular emergency drills, response training, and capability assessments ensure readiness across all operational scenarios. During FY2025, we conducted 1 emergency preparedness drill, demonstrating our readiness to respond effectively to various emergency scenarios while protecting people and minimising operational impact. SAFETY LEADERSHIP AND RISK MANAGEMENT 4. Slip, Trip & Fall Safety Campaign • Highlighted preventive measures to reduce common workplace incidents. • Emphasised good housekeeping, prompt hazard reporting, and use of PPE. • Encouraged employees to share best practices and observations to promote collective vigilance.
21 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 EMPOWERING OUR PEOPLE BUILDING TOMORROW’S WORKFORCE TODAY Our people strategy recognises that organisational success depends fundamentally on the capabilities, engagement, and well-being of our workforce. We have developed a comprehensive approach to talent management that balances individual development with organisational needs while creating inclusive, purpose-driven work environments that attract and retain exceptional talent. STRATEGIC WORKFORCE DEVELOPMENT FRAMEWORK Our workforce strategy emphasises capability building, diversity enhancement, and engagement optimisation. This comprehensive approach ensures we have the skills, perspectives, and commitment necessary to deliver exceptional results while advancing our sustainability objectives and market leadership goals. WORKFORCE COMPOSITION AND DIVERSITY As of 30 June 2025, our workforce reflects our commitment to diversity and inclusion while meeting the specialised skill requirements of our industry: Workforce in Singapore FY2023 FY2024 FY2025 No. of Headcount By Gender Male 655 675 705 Female 77 90 89 By Nationality Singapore 208 219 222 Malaysia 134 165 178 India 157 154 159 Bangladesh 87 84 88 People’s Republic of China 55 59 65 Indonesia 51 51 46 Other Countries (e.g., Thailand, Myanmar, Philippines, Korea) 40 33 36 Workforce in Singapore FY2023 FY2024 FY2025 Number of permanent employees By Gender Male 637 657 690 Female 76 85 85
22 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 EMPOWERING OUR PEOPLE Workforce in Singapore FY2023 FY2024 FY2025 By Nationality Singapore 190 197 203 Malaysia 133 164 178 India 157 154 159 Bangladesh 87 84 88 People’s Republic of China 55 59 65 Indonesia 51 51 46 Other Countries (e.g., Thailand, Myanmar, Philippines, Korea) 40 33 36 Number of temporary employees By Gender Male 18 18 15 Female 1 5 4 By Nationality Singapore 18 22 19 Malaysia 1 1 - Number of non-guaranteed hours employees By Gender Male - - - Female - - - By Nationality Singapore and Malaysia - - - Number of full-time employees By Gender Male 655 674 705 Female 77 87 86 By Nationality Singapore 208 215 219 Malaysia 134 165 178 India 157 154 159 Bangladesh 87 84 88 People’s Republic of China 55 59 65 Indonesia 51 51 46 Other Countries (e.g., Thailand, Myanmar, Philippines, Korea) 40 33 36
23 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 EMPOWERING OUR PEOPLE Workforce in Singapore FY2023 FY2024 FY2025 Number of part-time employees By Gender Male - 1 - Female - 3 3 By Nationality Singapore - 4 3 TALENT ACQUISITION AND RETENTION EXCELLENCE Our talent strategy emphasises strategic recruitment, comprehensive onboarding, and retention optimisation through career development, competitive compensation, and engaging work experiences. During FY2025, we achieved a new hire rate of 20.1%11 (FY2024: 19.8%) and a turnover rate of 16.2%12 (FY2024: 16.2%). 11 New hire rate is calculated only for permanent employees. Temporary employees are excluded due to the nature of the industry. The new hire rate is calculated by dividing the number of new hires during FY2025 by the average number of permanent employees across the year. 12 Turnover rate is calculated only for permanent employees. Temporary employees are excluded due to the nature of the industry. Turnover rate is computed by taking number of employees who left the Group in FY2025 divided by the average number of permanent employees across the year. Average number of employees is obtained by adding the number of permanent employees at the beginning and end of the year and dividing by two. Workforce in Singapore FY2023 FY2024 FY2025 No. of New Hires No. of Turnover No. of New Hires No. of Turnover No. of New Hires No. of Turnover By Gender Male 175 131 123 103 139 106 Female 23 17 24 15 17 17 By Age Group 18-30 years old 65 26 37 20 45 27 31-50 years old 119 107 93 82 95 81 Over 50 years old 14 15 17 16 16 15 By Nationality Indonesia 58 55 34 34 33 38 Singapore 45 51 36 29 38 33 Malaysia 41 19 47 16 45 30 India 25 8 11 14 15 10 People’s Republic of China 13 11 15 11 11 5 Bangladesh 9 1 3 6 7 3 Other Countries (e.g., Thailand, Myanmar, Philippines, Korea) 7 3 1 8 7 4 Total 198 148 147 118 156 123
24 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 EMPOWERING OUR PEOPLE SKILLS DEVELOPMENT AND FUTURE READINESS We maintain comprehensive skills development programmes that prepare our workforce for evolving industry requirements while supporting individual career aspirations. Our approach combines traditional training with innovative learning methodologies that enhance capability development and knowledge retention. Key development areas include technical excellence, digital literacy, sustainability competency, and leadership capability building. These investments ensure our workforce remains competitive while enabling organisational adaptability and innovation leadership. PERFORMANCE MANAGEMENT AND RECOGNITION Our performance management system integrates individual development with organisational objectives while providing regular feedback, goal alignment, and recognition for exceptional contributions. This approach supports employee engagement while ensuring performance standards and strategic objective achievement. During FY2025, 100% of employees received comprehensive performance reviews, career development planning, and recognition for outstanding contributions to organisational success and sustainability advancement.
25 TIONG WOON CORPORATION HOLDING LTD SUSTAINABILITY REPORT 2025 EMPLOYEE EXPERIENCE AND WELL-BEING CREATING THRIVING WORK ENVIRONMENTS Our employee experience strategy focuses on creating work environments where individuals can thrive professionally and personally while contributing to meaningful work that advances our sustainability objectives and business success. We recognise that employee well-being directly influences performance, innovation, and organisational resilience. COMPREHENSIVE WELL-BEING FRAMEWORK Our well-being approach addresses physical, mental, social, and financial dimensions of employee wellness through integrated programmes that support individual needs while strengthening organisational culture and performance capabilities. Well-being Programme Components: • Physical Health Enhancement: Comprehensive healthcare coverage, fitness facilities, and preventive health programmes • Mental Health Support: Counselling services, stress management resources, and mental wellness initiatives • Work-Life Integration: Flexible working arrangements, family support programmes, and personal time protection • Financial Security: Competitive compensation, retirement planning, and financial wellness education EMPLOYMENT BENEFITS AND COMPENSATION EXCELLENCE Our compensation philosophy ensures competitive, equitable remuneration that reflects individual contributions, market conditions, and organisational performance. We maintain comprehensive benefit programmes that support employee security while demonstrating our commitment to workforce well-being. FY2025 EMPLOYEE BENEFITS FRAMEWORK: Benefit Category Programme Components Healthcare Coverage Medical and hospitalisation insurance; preventive care programmes Professional Development Training programmes, certification support, career advancement Work-Life Balance Flexible schedules, remote work options, family support Recognition Programmes Performance bonuses, achievement awards, career advancement PARENTAL LEAVE AND FAMILY SUPPORT We provide comprehensive parental leave benefits that support employees during important family transitions while ensuring job security and career continuity. Our family-friendly policies reflect our commitment to work-life integration and employee well-being.
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