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.
- Read this at SGinvestors.io -
Opportunities to replenish orderbook of A$853mln.
- Read this at SGinvestors.io -
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.
Read more at SGinvestors.io.
Above is an excerpt from a report by Lim & Tan Securities Research. Clients of Lim & Tan Securities may be the first to access the full PDF report @ https://www.limtan.com.sg/.
Use Trust Referral Code PGKPSWAE to sign up NTUC Link or Trust Link Credit Card or open a Trust Bank Savings Account: ✨Earn up to S$1,000 cashback reward 🎟 !
