Civmec’s net profit surges 12.8% in H1 2024

Earnings per share rose A$0.007.

Civmec reported a 12.8% YoY net profit increase of $27.8m (A$31.9m) in H1 2024 from $24.7m (A$28.3m) in H1 2023.

Revenue also increased 17.5% to $430.2m (A$492.3m) in H1 FY2024.

The company also recorded a 549% growth in net cash balance of  $72.6m (A$83.1m) in the same period due to new contracts and scope growth, maintaining its >$1b order book.

EBITDA was $52m (A$59.6m) which is a 12.6% increase from the previous year.

Interim dividend for 1H FY2024 was A$0.025, representing a A$0.005 increase from 1H FY2023. Meanwhile, earnings per share rose to A$0.063 from A$0.056 a year ago.

In addition, the company also announced the completion of the Port Hedland maintenance facility and that it has secured its first contract under State-wide Road Construction Panel Agreement in Western Australia.