SINGAPORE (Feb 27): Membrane-based integrated environmental solutions provider CITIC Envirotech saw its earnings grow 16.7% to $115.9 million for the FY17 ended December, from $99.3 million a year ago.
FY17 revenue rose 66.9% to $908.8 million, from $544.6 million a year ago.
The increase was led by its membrane-based engineering segment, which saw its revenue more than double to $686.5 million, from $318.8 million a year ago.
CITIC says this was due to its advanced membrane technology, which provided a competitive edge and key driving force in propelling the growth of its business segments amid stricter discharge standards imposed by the Chinese government.
In FY17, recurring treatment revenue increased by 16.1% to $192.5 million.
FY17 gross profit rose 35.9% to $179.3 million, with gross profit margin tumbling 9.8 percentage points to 25.0% on the back of higher materials purchased, consumables used and subcontractors’ fees.
As at end December, cash and cash equivalents stood at $631.3 million.
CITIC has proposed a final dividend of 1.5 cents per share for FY17. This is 50% higher than the total dividend of 1.00 cent per share a year ago.
Looking ahead, CITIC says opportunities continue to abound in the environmental sector in China with the country’s ongoing focus on improving environmental quality.
Shares of CITIC closed 1 cent lower at 75.5 cents on Tuesday.
