Dual-listed construction and engineering services provider Civmec P9D Limited P9D has announced earnings of A$31.9 million ($27.9 million) for its 1HFY2024 ended Dec 31, 2023, 12.8% higher than the corresponding period last year.
This brought earnings per share in 1HFY2024 to 6.29 Australian cents, up form 5.51 Australian cents in 1HFY2023.
For the half-year period, revenue increased 17.5% y-o-y to A$492.3 million mainly due to the timing of projects revenue recognition.
Gross profit for 1HFY2024 increased 16.4% y-o-y to A$60.3 million, reflecting the increase in revenue.
In addition, other income increased three-fold to A$2.0 million in 1HFY2024 compared to 1HFY2023 mainly due to interest income generated from bank accounts.
Administrative expenses increased by 41.9% y-o-y in 1HFY2024, mainly due to increase in employee benefits and consultant fees, while finance costs increased by 39.5% y-o-y as a result of increased borrowings and higher interest rate paid on borrowings.
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As at Dec 31, 2023, Civmec’s order book stood at over A$1 billion.
The board has declared an interim dividend of 2.5 Australian cents per share for the period.
“The positive outcomes for both our half-year performance and consistent shareholder returns demonstrate the power of our diversified revenue strategy focused on delivering a best of class service offering to our clients whilst maintaining appropriate earning margins for shareholders,” says CEO Patrick Tallon.
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“This strategy leverages an increased focus on maintenance and capital works, along with dedicated investments in our people and building enduring client relationships. The award of our first road widening contract is particularly pleasing as it expands the scope of our infrastructure work and builds on our objective to increase our road construction accreditation levels,” he adds.
Shares in Civmec closed 0.5 cents higher or 0.63% up at 79.5 cents on Feb 14.
