Civmec’s H2 net profit jumps 43% on higher revenue, better margins

CONSTRUCTION and engineering group Civmec reported a net profit of A$28.17 million (S$27.2 million) for H2 FY22, up nearly 43 per cent year on year on the back of increased revenues and improved gross margins.

Revenue was 14 per cent higher at A$419.94 million due to increased activity levels and the timing of revenue recognition on projects, while earnings per share worked out to 5.61 Australian cents, climbing from 3.94 cents previously.

Gross profit for H2 2022 was 20 per cent higher at A$48.63 million in line with the higher revenue and improved gross profit margins which went from 11 per cent to 11.6 per cent. The bottom line was also boosted by an increase in other income as well as a decrease in finance costs.