TECHNOLOGY solutions provider CSE Global reported a profit of S$15 million for the first half of FY2024, up 36.4 per cent from the corresponding period in 2023.
Revenue for H1 was up 22.8 per cent to S$428.9 million, led by the growth of its electrification business segment.
The electrification business segment grew 32.4 per cent year-on-year to S$216.7 million in H1 2024. The group attributed the growth to higher project revenue achieved from major contracts secured in 2023.
Meanwhile, its automation segment posted a revenue growth of 25.5 per cent year on year, or S$20 million, mainly due to growth in the Americas and Asia-Pacific markets.
Its communications segment posted the smallest growth of 6.1 per cent.
Across the various regional markets, the Americas posted the largest increase in revenue of S$273.7 million for H1, up 34 per cent from a year ago. Its other markets – Asia-Pacific, Europe, Middle East and Africa – achieved revenue growth of around 7 per cent each.
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In line with higher revenue, the group’s gross profit increased S$22.6 million or 23.6 per cent year on year to S$118.4 million.
Its order book for H1 was up by S$692.3 million, or 32.7 per cent, from a year ago. The group said its “robust” order book puts the company in a position to achieve a healthy financial performance in 2024.
Lim Boon Kheng, the group managing director and chief executive officer, said that the company expects new opportunities to arise from emerging trends such as urbanisation, electrification and decarbonisation.
“To leverage these new opportunities for further growth, we will continue expanding our engineering capabilities and technology solutions, with a focus on the electrification and communications business segments,” he added.
CSE Global’s board of directors has recommended an interim dividend of 1.25 Singapore cents per share for H1, unchanged from the previous year. The dividend will be paid out on Sep 27.
Shares of CSE Global rose 3.5 per cent or S$0.015 to close at S$0.45 on Tuesday, ahead of the results announcement.
