SINGAPORE (March 1): CITIC Envirotech posted full-year earnings of $99.3 million, more than double of earnings of $48.3 million recorded a year ago.
This came on the back of a 62.1% surge in revenue to $544.6 million for the full year ended Dec from $336 million a year ago.
The growth was led by a 155.9% surge in full year revenue from its engineering segment to $318.8 million, from $124.6 million a year ago.
Revenue from its water treatment segment grew 22.9% to $165.8 million, from $134.9 million a year ago.
Meanwhile, revenue from its membrane business segment fell 21.6% to $60.0 million, from $76.5 million in FY15.
Cash and cash equivalents stood at $493.5 million as at Dec 31, 2016.
CITIC Envirotech has proposed a final dividend 0.75 cents per share and a special dividend of 0.25 cents per share.
In an SGX filing on Wednesday, the group says 2016 was “a year of dynamic growth and expansion where key milestones were achieved.”
CITIC Envirotech says the organic growth of its business is in line with the China central government’s overall plan to push for more stringent environmental policies and directives.
Looking ahead, CITIC Envirotech says it is confident that its financial performance will be “significantly” boosted by new large-scale contract wins due the “tremendous opportunities” in the water and environmental sector.
Shares of CITIC Envirotech closed 1.5 cents lower at 77 cents on Wednesday.
