CSE Global Q1 revenue up 35.5% to S$159.4 million on higher infrastructure revenue
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Tessa Oh
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TECHNOLOGY solutions provider CSE Global posted a 35.5 per cent increase in revenue to S$159.4 million for its first quarter ended Mar 31, 2023, from S$117.6 million in the previous year.
The company attributed the higher revenue to growth in infrastructure revenue in Australia and the Americas region, as well as contributions from recent new acquisitions, it said in a business update on Friday (May 12).
The group secured S$159.6 million of new orders in Q1, down 31.3 per cent from S$232.3 million of new orders in the year-ago period. This is because the group had secured two major contracts worth US$57.6 million in the first quarter of 2022.
Excluding the effect of these major contracts secured, the group’s order intake for the first quarter grew 3.5 per cent year on year.
By segment, the group’s infrastructure segment saw revenue grow 60.2 per cent to S$75.7 million, from S$47.3 million the previous year. This was mainly driven by higher revenue contributions in Australia and the United States, and contributions from new acquisitions.
The energy segment contributed S$70.7 million in Q1, up 21.8 per cent from S$58.1 million the previous year, on more project, time and material revenues recognised in the Americas region.
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Revenue from the mining and minerals segment was up 5.8 per cent at S$13 million, from S$12.3 million previously.
Lim Boon Kheng, group managing director, noted that the first quarter is typically a slow quarter for the company. Nevertheless, its diversification strategy “has reshaped the infrastructure segment into a key revenue growth driver for the group”.
“While our order book remains robust, ongoing supply chain disruptions may delay project execution timelines,” he said, adding: “As we pursue more orders, we are committed to preserving margins and strategically allocating resources to support growth.”
Shares of CSE Global closed flat at S$0.335 on Friday, before the results were announced.
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