SIIC Environment Q3 net profit rises 0.5% on higher revenue from projects

WASTEWATER treatment company SIIC Environment posted a 0.5 per cent rise in net profit to RMB206 million (S$38.5 million) for the third quarter ended Sep 30, 2023, from RMB205 million a year earlier.

Revenue over the same period rose 10.9 per cent to RMB2.3 billion, from RMB2.1 billion a year earlier.

Earnings per share for the quarter stood at RMB0.08, from RMB0.0796 the year before.

In its results release on Tuesday (Nov 14), the group noted that its construction revenue grew 11.6 per cent to RMB861.9 million in Q3.

“The group’s benchmark water treatment project, Xicen Water Purification Plant Project in Qingpu, Shanghai, together with several other construction projects have contributed to the increase in construction revenue,” it said.

It also said that it saw 11.3 per cent higher operating, maintenance and financial income for service concession agreements to RMB1.3 billion.

It attributed the higher revenue to the group’s solid waste treatment and power generation project, Shanghai Baoshan Renewable Energy Utilisation Centre, which commenced operations in the beginning of the year.

The group also saw higher volume and average price in water treatment and water supply.

It added that it has actively deployed high-quality projects and will keep expanding its wastewater and sludge treatment business as the business sees favourable policy support.

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Shares of SIIC Environment fell 2 per cent, or S$0.004, to S$0.196 on Tuesday, before the results were released.