CSE Global secured $182.6 million of new orders in 1QFY2024 ended March 31, up 16.7% y-o-y. In an April 30 announcement, the company says this was mainly driven by stronger demand for electrification and automation solutions in the infrastructure and energy industries.
In 1QFY2024, the electrification business segment secured about $82.9 million new orders, which represented about 44.5% of total order intake. Demand for electrification solutions remained robust given the strong pipeline of electrification projects, says CSE Global 544 .
Order intake for the communications business segment in 1QFY2024 remained stable as compared to 1QFY2023 across all key geographies such as Australia, Singapore, the UK and the US,, despite some delays in communications projects in Australia and New Zealand.
During 1QFY2024, order intake for the automation business segment surged 65.4% y-o-y to $51.8 million. CSE Global attributes this to more orders received relating to waste treatment centre expansion in the Asia-Pacific region.
Lim Boon Kheng, group managing director and chief executive officer of CSE Global, expects order intake momentum in 2024 to “remain robust”. “We plan to leverage the urbanisation, electrification and decarbonisation megatrends, which will serve as CSE Global’s growth drivers going forward.”
With these new orders, the group closed 1QFY2024 with an order book of $719.3 million.
See also: CSE Global looks to raise $24 mil through proposed placement
Shares in CSE Global closed flat at 42.5 cents on April 30.
