CSE Global orders more than double to S$232.3m in Q1 2022

CSE Global secured S$232.3 million worth of new orders in the fourth quarter ended Dec 31 2022, up 118.8 per cent from a year ago.

This takes its order book to S$344 million as at Q1 2022.

About S$105.5 million of the new orders were landed by the group’s energy sector, which was higher than the S$56.6 million secured by the sector in Q1 2021, on the back of a major contract relating to the maintenance and refurbishment of building management control systems for an offshore facility and higher orders for integrated systems.

New orders for its infrastructure sector surged by 187.8 per cent year-on-year to S$110.1 million, thanks to a major contract secured to provide engineering solutions for the data-centre market and higher field services orders for the wastewater market in the Americas region. Stronger orders of radio communication equipment and solutions led by utility and renewables customers in Australia was also a contributing factor.

The rest of the new orders came from its mining & minerals sector, which was worth S$16.7 million.

Lim Boon Kheng, group managing director of CSE Global, said that the strong orders received in Q1 2022, building on the momentum from Q4 2021, is a testament to customers’ confidence and trust in the company’s solutions and services.

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“Due to ongoing supply chain disruptions, the execution of these recent contract wins will be backloaded in later part of 2022 and in 2023. Hence, we expect the revenues associated with these projects to be recognised from the second half of 2022,” noted Lim.

Looking ahead, CSE Global remains optimistic in navigating the challenges induced by the pandemic, as it expands its engineering capabilities and technology solutions to pursue new market opportunities, he added.

The orders are not expected to have any material impact on the consolidated net tangible assets per share or earnings per share of the group for the financial year ended Dec 31, 2022.

The counter closed flat at S$0.465 on May 9, before the announcement was made.