Civmec Engineering Services announced net profit off A$57.7 million in FY2023 for the 12 months to June 30, up 13.7% y-o-y, translating into an EPS of 11.9 A cents. Revenue for the year was up a modest 2.7% to A$830.9 million, with Ebitda of A$109.1 million, up 15.4% y-o-y. NAV rose by 12.7% to 83.32 A cents. The ordebook recorded a double-digit 10.9% gain y-o-y to end the year at A$1.149 billion. Civmec has announced a dividend of 3 A cents, up from 2 A cents a year ago.
Among the projects underway are a covalent Lithium refinery, ongoing fabrication work at the Iron Bridge Magnetite Project; the Causeway Bridge project, supply of subsea structures for the Scarborough and SCMS projects; civil works and manufacture of eight kilns and 25 carbon steel tanks for trains 3 and 4 at Albemarle’s Kemerton Lithium project; and work on the Western Ranges project for Rio Tinto.
Maintenance works include those at Fortescue Metals Group, Newmont’s Boddington gold mine, Rio Tinto’s Boyne Island Smelter, Yarwun refinery and Weipa, Rory Hill’s port and mine, and Greenbushes liithium mine site.
Civmec shares closed Aug 28 at 82 cents, up 2.52% for the day and up 40.52% year to date.
