CSE Global, the global systems integrator providing electrification, communications and automation solutions, recorded a 15.4% y-o-y increase in its 3QFY2024 ended September to $213.9 million, led by broad-based growth across all business segments and geographical regions.
The Electrification, Communications and Automation business segments contributed 49.0%, 28.9% and 22.1% of 3QFY2024 revenue respectively.
Revenue for the Electrification business segment rose 22.0% to $104.8 million in 3QFY2024 as compared to the corresponding quarter in 2023. This was mainly attributed to the faster than anticipated project execution milestones for two Electrification projects in the USA, which resulted in higher project revenues recognised for 3QFY2024. The Electrification business segment secured $78.3 million of new orders, which contributed about 41.9% of total order intake during the quarter.
The Communications business segment posted a 12.1% increase in revenue y-o-y from $55.1 million to $61.8 million, largely contributed by growth in government sector and retail industry revenues in Australia. The Communications business segment accounted for approximately 32.4% of the total order intake in 3QFY2024, securing $60.5 million in new orders as compared to $66.4 million in 3QFY2023.
Revenue for the Automation business segment grew 6.6% year-on-year during 3QFY2024 from higher government sector revenues in the Asia Pacific region. The Automation business segment clinched $47.8 million of new orders in 3QFY2024.
Lim Boon Kheng, group managing director and CEO of CSE Global 544 says: "The global economic outlook, geopolitical tensions and ongoing inflationary pressures continue to present uncertainties in the markets where we operate. Despite the challenges, CSE Global has shown resilience in its business performance and will continue to focus on the Electrification and Communications business segments. We remain cautious of macroeconomic volatility as we work towards achieving a healthy financial performance for FY2024.”
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Shares in CSE Global closed at 44 cents on Nov 15.
