Nordic Group reports 49% rise in H1 net profit to S$11.6 million
SYSTEMS integration solutions provider Nordic Group reported a 49 per cent increase in H1 net profit to S$11.6 million from the S$7.8 million recorded in the previous corresponding financial period.
Its revenue also jumped – rising 62 per cent to S$79.8 million from S$49.8 million previously, the mainboard-listed group reported in its business update for the first fiscal half ended Jun 30 on Friday (Aug 19).
Gross profit was also up, 65 per cent to S$23 million from S$14 million previously.
In May, the group reported winning S$19 million worth of contracts, which it signed with new and repeat clients from Singapore, Malaysia and China. It also said its subsidiary Avitools Singapore will be acquiring Eratech, a precision-machining and turnkey-manufacturing services company, for S$10 million.
In March, the group had clinched S$151.6 million in contracts through its different divisions and its newly-acquired Starburst Holdings subsidiary, with these jobs coming from new and repeat customers in Singapore, Malaysia, China and the Middle East.
In its outlook, the group said it remains positive over the long-term prospects in the marine, offshore oil and gas industries, and also the petrochemical, pharmaceutical, infrastructure, semiconductor and security services sectors.
It is also optimistic with the contract wins secured to date, the prudent cost and risk management initiatives undertaken and the opportunities for further mergers and acquisitions, it added.
“The group is, however, mindful of the possibility of new Covid-19 variants pushing the global supply chain and travel back on restrictions. The global inflationary pressures are also monitored to adjust for the impact on the necessary materials,” noted Nordic Group.
Shares of the counter closed down 1.18 per cent or S$0.005 to S$0.420 on Friday, before the announcement was made.
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