Australia and Singapore-based Civmec has announced a net profit of S$25.5 million ($25.7 million), representing an increase of more than 200 per cent on the return for FY2017.
Civmec commenced FY2018 with a strong order book, further enhancing its position during the year with the broadening of scope on several projects, and the finalisation of the contract to deliver the Royal Australian Navy’s SEA 1180 Offshore Patrol Vessel (OPV) program in April.
Revenue for the year of S$738.7 million was more than double that of FY2017 (S$346.0 million).
Fully diluted earnings per share for FY2018 rose to 5.23 Singapore cents from 1.68 Singapore cents in FY2017, an increase of 211 per cent. Net asset value per share for FY2018 amounted to 37.77 Singapore cents, compared with 34.95 Singapore cents as at 30 June 2017.
Patrick Tallon, Civmec chief executive, said, "On the strength of our client partnerships and performance, we were awarded significant projects and scope increases during the year. 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."
Civmec is a multi-disciplinary heavy engineering constructor to the oil and gas, metals and minerals, infrastructure, and defence sectors. Its core capabilities include heavy engineering, modularisation, SMP (structural, mechanical, piping), EIC (electrical, instrumentation and control), precast concrete, shipbuilding, site civil works, industrial insulation, maintenance, offshore logistics, refractory and access solutions.
"I'm extremely pleased with the results of the group in FY18. It demonstrates the strength of our capabilities across all the sectors we operate. Furthermore, we have managed to significantly increase revenue without increasing our corporate overhead," said Civmec executive chairman James Fitzgerald.
Headquartered in Henderson, Western Australia, Civmec has regional offices in Broome (WA), Darwin (Northern Territory, Newcastle and Sydney (NSW), and Gladstone (Queensland). It also has a presence in Singapore, where it has been listed since 2012.