SINGAPORE – Divestment activities from Singapore water engineering company Singapore have helped the company achieve a positive third quarter in 2016.
Financial results from the company show that group revenue during this period increased to S$296 million, up from S$133 million during the third quarter of 2015.
Profit after tax and minority interests (PATMI) of S$21 million was reported for the third quarter, an increase of 234% from S$6 million in 2015.
The increased profits have been helped by Hyflux’s foray into the waste to energy market, with the TuasOne project, as well as the Qurayyat Independent Water Project in Oman.
For the first nine months of 2016, total operating & finance expenses for the company were recorded at S$809 million, a big increase from S$291 recorded the year before.
A large proportion of this was “Raw materials & consumables”, which increased from S$121 million in the first nine months of 2015, to S$593 million in 2016.
An update was provided on Hyflux’s first project in Egypt – the Ain Sokhna IWPP – which it said will start construction pending “finalisation of contracting arrangement”.
Olivia Lum, executive chairman and group chief executive officer of Hyflux, said: “With the recent divestment of Galaxy NewSpring Pte Ltd (Galaxy), we will continue to seek opportunities for capital recycling to support long-term growth. The proceeds of US$136.5 million from the divestment of Galaxy would be deployed for future development of new projects within the Group.”
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