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Civmec net profit up 773% to S$8.34 million in Q4

CIVMEC, the construction and engineering group which is dual-listed in Singapore and Australia, has posted a net profit of S$8.34 million in the fourth quarter, up 772.5 per cent from S$956,000 in the same period a year earlier.

Earnings were lifted by higher revenue contributions from existing contracts which came on line during the period, the group said.

Revenue in the three months ended June 30 jumped 130.7 per cent to S$225.47 million.

Civmec’s order book as at June 30 was S$706.6 million.

A first and final dividend of 0.7 Singapore cent was declared, unchanged from last year.

Q4 earnings per share was 1.66 Singapore cents, up from 0.19 Singapore cents in the same period last year.

Net asset value per share was 37.77 Singapore cents as at June 30, from 34.95 Singapore cents as at June 30, 2017.

For the full year ended June 30, Civmec made a net profit of S$25.5 million, up 210 per cent from the 2017 fiscal year as revenue grew 114 per cent to S$738.7 million.

The earnings boost was driven by new contract wins and additional scope secured across the group’s core market sectors, including a significant increase in maintenance and specialist refractory activities, the group said.