Civmec's FY22 Results Highlights
FY22 revenue and net profit at record highs.
- Civmec (SGX:P9D)'s FY22 revenue reached A$809.3m, up 20% y-o-y, in line with our estimates. FY22 net profit is at A$50.8m, up 46% y-o-y, which beat our estimates by 9%.
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Healthy project and gross margins maintained, despite rising costs.
- FY22 gross margins were at stable levels at 11.2% (FY21: 11.1%) despite rising costs (e.g., raw materials, fuel, labour, and more), suggesting that cost pressures were well managed over the year.
- Additionally, 2H22 gross margin inched up to 11.6% (1H22: 10.8%, 2H21: 11.0%), which is at a four-year high. Management believes that raw material costs have reached its peak, which should bode well for future project/gross margins.
Dividend surprise of AUD 3 cents, in lieu of the strong results, which translates to a dividend yield of 4.5%.
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Positive operational updates.
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