- Civmec (SGX:P9D)’s FY24 results came in-line with expectations with overall revenue and net profit coming in at 109%/105% of our forecast.
- Revenue rose 24.4% to A$1.0bln from increased activity levels across the Group, in particular the Resources (+29% y-o-y) and Infrastructure, Marine & Defence (+15% y-o-y) segments. Gross profit margin narrowed slightly by 1.6pp to 11.5% from a change in business mix and timing of revenue recognition. Overall, Civmec's net profit for FY24 came in at A$64.4mln, an increase of 11.6% y-o-y.
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Opportunities to replenish orderbook of A$853mln.
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- Civmec’s orderbook provides revenue visibility for most of the next 12 months. The company is increasingly regarded by its clients as the go-to contractor to reliably deliver, particularly on time-critical services.
- Civmec sees strong opportunities in the maintenance space with their newly-enhanced presence in Port Hedland and Gladstone. The Port Hedland facility is strategically located at the world’s largest iron ore export port.
- Several maintenance and capital works contracts awarded during Q4FY24 include:
- A 3-year umbrella works contract with NCIG for maintenance works on their infrastructure.
- A contract for the fabrication and assembly of the SL1A Shiploader for Dalrymple Bay Infrastructure.
- A letter of intent from Orora for glass furnace maintenance and rebuild works in South Australia.
Better-positioned to undertake defence programs.
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