- Civmec (SGX:P9D)'s 1QFY24 (Jul to Sep 2023) net profit after tax of AUD15.2m (+7.3% y-o-y) was in line with our and market expectations, at about 25/24% of MIBG/street’s full-year forecasts.
- Notably, Civmec retains an order book of over AUD1.1b as at end-Sep 2023, while balance sheet remains solid with net cash position of AUD43.9m due to strong operating cashflows.
- - Read this at SGinvestors.io -
- Civmec recently unveiled plans to redomicile to Australia, which would increase its chances of securing government and private contracts in the country.
Increasing maintenance and capital works
- - Read this at SGinvestors.io -
- We expect margins to remain relatively firm as Civmec is raising its proportion of recurring income generated from maintenance and capital works.
- Civmec also generated cashflows from operations of AUD40.1m for the quarter, a conversion rate of 139% compared to EBITDA of AUD28.9m.
Buoyant tendering activity underpins orderbook
- Read more at SGinvestors.io.
