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Civmec is overall winner; Sarine and Micro-Mechanics share honours

The Edge Singapore
The Edge Singapore • 3 min read
Civmec is overall winner; Sarine and Micro-Mechanics share honours
Civmec is eyeing new businesses from the green energy sectors / Photo: Civmec
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Australia-based engineering contractor Civmec P9D -

is the big winner in the industrial & commercial services sector. Besides winning growth in profit after tax (PAT), it has been named the overall sector winner as well.

Civmec started operations in 2009 and serves clients in the energy, resources, marine, infrastructure and defence sectors by providing them with its engineering expertise. The company derives its biggest share of revenue from the resources sector in Australia. Its operations are mainly sited in Henderson, Western Australia, with other facilities at Newcastle, New South Wales. It has a headcount of more than 3,400 people and is adding new capacity.

In Civmec’s annual report for FY2023 ended June 30, executive chairman James Fitzgerald says the fiscal year has been a “stellar” one with a record order book of A$1.15 billion ($997 million). Revenue in FY2023 hit A$830.9 million, A$21 million higher than in FY2022 while earnings rose 13.7% y-o-y to a record A$57.7 million.

Civmec attributes the stronger business to a sustained and growing increasing demand for local manufacturing, boosted by ongoing public and private sector spending. According to Civmec, an increasing number of its clients recognise the benefits of local production and the assurance this provides, particularly in light of global events, movement restrictions, and their associated costs over the past few years.

See also: The Edge Singapore unveils winners of 2023 Billion Dollar Club

In addition, instead of going after one project at a time, Civmec prefers to take on a bigger proportion of work that provides recurring revenue, thus giving the company better earnings visibility. “With our current market position, we have an opportunity to be more strategic in our tendering processes, focusing on opportunities with established clients that require our multidisciplinary capabilities in proven delivery models,” says Fitzgerald.

In line with a stronger focus on sustainability, the company is exploring opportunities such as those in the green energy sectors of hydrogen and lithium too. “I believe we are very well positioned to capitalise on emerging opportunities,” adds Fitzgerald.

Israel-based Sarine Technologies U77 -

is the winner when it comes to providing the best returns to shareholders. Just like how Civmec is dual-listed in Australia, Sarine, which is in the niche business of providing equipment and know-how to grade diamonds, is listed in Tel Aviv too.

See also: Celebrating the top listed companies in Singapore

Sarine is constantly pushing the technological boundaries. It has set up the Sarine Technology Lab, the first automated, artificial intelligence-based diamond grading lab. The lab provides the world’s most accurate, reliable diamond grading information in an interactive digital display that is redefining the retail industry and the consumer experience.

Micro-Mechanics (Holdings), a well-established name in the manufacturing sector, took home the highest weighted return on equity (ROE) category. The company, which designs, manufactures and markets consumable parts and precision tools used to assemble and test semiconductors, can trace its roots to 1983. It was listed on the former SGX-Sesdaq board in June 2003 before an upgrade to the mainboard in 2008. In the last semiconductor upcycle, Micro-Mechanics enjoyed a strong lift in its business as well.

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