Memiontec&rsquo s Profit Track Record Continues with Revenue Surging 71.2% and Net Profit Increasing 23.5% in 1H2023

 

- Singapore accounted for 68.1% of the Group&rsquo s revenue in 1H2023 as more works for TSEPC projects in Singapore were completed during the period under review

 

- Profit attributable to owners of the Company increased by 23.8% to S$1.3 million as compared to 1H2022

 

- Resilient balance sheet with total assets of S$43.0 million and cash and bank balances of S$13.3 million as at 30 June 2023

 

- Order book of approximately S$86.4 million as at 30 June 2023

 

- Positive market trends and prospects in Southeast Asia bode well for the Group&rsquo s synergistic business model that encompasses the entire value chain in the water industry

 

Commenting on the 1H2023 results, Memiontec&rsquo s Executive Director and CEO, Mr Tay Kiat Seng (郑 吉 成 ), said, &ldquo We are pleased to announce another profitable set of financial results  for 1H2023, reflecting our strong project management execution and robustness of our business model within the water industry in Asia and beyond.

 

Driven by our growth momentum, we continue to operate from a position of strength and we remain focused in our project execution for our customers across Asia and beyond.

 

With a track record of continuous transformation, our work to deliver disciplined and sustainable growth to drive value for our stakeholders is well under way.&rdquo

 

Mr Tay continued, &ldquo Water is a necessary resource and economic asset globally. With rising water scarcity issues in Asia, Memiontec is well positioned for growth in 2023 and beyond as  we execute our growth strategies under our value creation blueprint, creating positive momentum towards our vision for 2026 in achieving a market capitalisation of S$500 million.&rdquo

 

Positive market trends and prospects in Southeast Asia: In Singapore, it is anticipated that tenders of larger scale public tenders relating to membrane processes and Mechanical, Electrical, Instrument, Control and Automation works for water reclamation plants and other water works will be undertaken by PUB. The Group will participate in such tender exercises as appropriate and viable.

 

Indonesia remains an important market for the Group given the emphasis and development of its water treatment capacity. The Group is actively involved in evaluating build, own, operate  and transfer (BOOT), and build, own and operate (BOO), and Total Solutions Engineering Procurement Construction (TSEPC) projects, and remains competitive, with its core competencies, in securing favourable projects.

 

Through Memiontec Company Limited (the Company&rsquo s wholly-owned subsidiary in Vietnam), the Group continues to actively participate in bids for water projects in Vietnam.

 

Aligned with its accelerated scale-up strategies, the Group has been continuously exploring opportunities with strategic investors/partners as part of its overall corporate finance activity to strengthen the Group&rsquo s financial position and support its growth ahead.