CSE Global 544 has secured $301.6 million of new orders in 3QFY2023 ended September, up 82.9% from the new orders it clinched in 3QFY2022.
This is mainly driven by stronger electrification and communications solutions in the infrastructure sector. During the quarter, new orders for the company’s electrification’s business segment surged by 122% y-o-y to $188 million on the back of major electrification projects which included the design and manufacturing of power distribution centres and integration of electrical and control systems and equipment in the US.
New orders for the company’s communications business segment rose by 73.2% y-o-y to $64.8 million, mainly attributable to new orders from the recent acquisitions in the communications business as well as from a major contract for the supply, installation, integration and maintenance of communication and security systems for the Singapore government.
Meanwhile, CSE’s automation business segment grew 14% y-o-y in new orders to $48.7 million, supported by a major multi-year maintenance contract awarded by the Singapore government.
“We anticipate more order opportunities in the infrastructure sector in the coming quarters and are on track to achieve a record $1 billion order win for this year,” says CSE group managing director Lim Boon Kheng.
The company closed its 3QFY2023 with an order book of $638 million.
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Shares in CSE closed 1.5 cents higher or 3.79% up on Oct 31 at 41 cents.
