CSE Global says that it has won new orders of some $189.5 million in 2QFY2022 ended June up 81.5% y-o-y.
The company now has an order book totalling $388.9 million.
CSE Global attributes the jump to new large greenfield projects and higher flow orders secured in the energy sector.
“Despite various challenges, we continued to secure another set of strong orders this quarter, bringing our 1H2022 order intake to exceed 90% of FY2021’s order intake,” says group managing director Lim Boon Kheng.
“That said, the continued supply chain disruptions are expected to result in ongoing delivery delays and increased costs of our projects which may impact our gross margins. The execution of these recent contract wins will be backloaded in the later part of 2022 and 2023,” he says.
Lim adds that CSE has been seeing more demand for projects comprising solar and wind energy within the renewables space, alongside the growing need for more alternative energy sources.
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“Our group’s transferrable engineering skillsets will put us in a strong position to tap on new opportunities in this space moving forward.
“We remain optimistic in our long-term outlook as we further develop our expertise and comprehensive suite of solutions to entrench our position as a market leader,” says Lim.
CSE Global shares closed Aug 4 at 47 cents, up 1.08%.
