Close to $85.5 million of the new orders were secured by the group’s energy sector, thanks to higher time and material jobs as well as newly awarded power and electrification projects.
New orders for the group’s infrastructure sector similarly increased to $32.1 million, on the back of higher orders of radio communication equipment and solutions.
Meanwhile, the mining & minerals sector clinched $13.6 million worth of new orders due to new mining projects in Australia.
Lim Boon Kheng, group managing director of CSE Global believes the company has “proved [its] mettle once again despite the ongoing challenges and volatile economic backdrop”.
See also: Oiltek wins new contracts worth RM61.9 million
“Orders from the Energy sector remained strong in 4Q2021, while the infrastructure sector’s healthy potential remains on an uptick, driven by continued investments in public infrastructure projects and automation needs,” he adds.
Lim says these developments are not expected to have any material impact on the group’s consolidated net tangible assets per share or earnings per share.
However, he is “optimistic on [the company’s] long-term outlook”.
See also: ST Engineering awarded $1.4 bil turnkey rail contract for Taiwan’s Taichung MRT Blue Line
“Our diverse set of widely transferrable engineering skills will continue to bode us well in the multiple sectors where we operate,” explains Lim.
Shares in CSE Global closed down a cent or 2.02% at 48.5 cents on Feb 7, before the announcement.
Cover image of Lim Boon Kheng: Albert Chua/The Edge Singapore
