Civmec proposed a 25% higher interim dividend of A$0.025 for 1HFY24, driven by strong operating cash flow of A$111.2m (+32% y-o-y). Its net cash position surged to A$83m (+549% y-o-y). See Civmec's dividend dates.
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1HFY24 Resultsin line; robust earnings growth for 1HFY24 and stable margins.
Civmec (SGX:P9D)’s 1HFY24 net profit of A$31.9m (+12.8% y-o-y) is in line with our expectations, making up 51% of our full-year forecast. The substantial 17.5% y-o-y rise in revenue is mainly due to the resources segment’s revenue growing to A$418.9m (+21.5% y-o-y) and the energy segment’s revenue growing to A$20.4m (+18.0% y-o-y).
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Higher-than-expected dividend on stronger operating cash flows and net cash growing 549% y-o-y to A$83m.
Civmec proposed a 25% higher 1HFY24 interim dividend of A$0.025 (1HFY23: A$0.02), driven by its solid operating cash flow of A$111.2m (+32.2% y-o-y) during the period. Civmec’s net cash position surged to A$83.1m (+549.2% y-o-y, +89.2% q-o-q), equivalent to around 20% of its market cap.
It is worth noting that Civmec recorded operating cash flow of A$67.3m in 2QFY24 alone, a 53.3% q-o-q improvement from 1QFY24.
Solid orderbook maintained with more contract wins.
Read more at SGinvestors.io.
Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
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