SINGAPORE (Aug 28): Civmec announced that its 4Q18 earnings have increased by 772.5% to $8.34 million, compared to $0.96 million in 4Q17.
This brings FY18 earnings to $26.2 million, 211.2% higher than $8.43 million in FY17.
Revenue for the quarter came in at $225.5 million, an increase of 130.7% from $97.7 million a year ago, lifted by higher contributions from existing contracts as projects previously secured came on line during the period.
Similarly, cost of sales increased by 133.6% y-o-y to $209.4 million, bringing 4Q18 gross profit to $16.1 million, almost double that of $8.26 million last year.
Other income also saw a significant increase to $2.02 million from $0.22 million in the previous year.
As at end-June, the group’s cash and cash equivalents stood at $23.6 million.
Civmec closed the financial year with an order book of $706.6 million.
The group has declared a first and final foreign sourced cash dividend of 0.7 cents.
Going forward, the group’s focus will continue to be on securing direct contracts, including under EPC, Design & Construct (D&C), Alliance and other delivery models, in addition to further developing its vertically integrated model and self-performance capability to support the delivery of major projects.
Patrick Tallon, CEO of Civmec says, “In addition, our investment in a new state-of-the-art shipbuilding and ongoing support maintenance facility, demonstrates how the company can unlock value from its existing operations. The investment in skills and transfer of knowledge to local subcontractors and suppliers will support the establishment of a competitive Australian shipbuilding industry and supply chain that can export to the global market.”
Shares in Civmec closed 1 cent lower at 55 cents on Tuesday.
