In its business update for the 1QFY2021 ended March, Nordic Group has reported revenue of $24.5 million, 20% higher than revenue of $20.5 million in the same period the year before.

This was contributed mainly by cleanroom, air and water contracts, followed by precision engineering services.

Earnings per share (EPS) stood at 0.9 cents, from 0.4 cents in the 1QFY2020.

For more stories about where the money flows, click here for our Capital section

Net asset value (NAV) per share stood at 23.7 cents from 22.8 cents as at Dec 31, 2020.

Want our latest Singapore corporate news stories for FREE

Follow our Telegram, Facebook for the latest updates round the clock

Net profit surged 119% y-o-y to $3.5 million from $1.6 million in the 1QFY2020.

EBITDA stood 62% higher y-o-y at $4.7 million.

Gross profit margin (GPM) rose 11 percentage points y-o-y to 26% while net profit margin rose six percentage points to 14% during the quarter.

EBITDA margin stood five percentage points higher y-o-y at 19%.

The group reported an order book of $113.7 million as at end-March, of which $75.3 million are from maintenance contracts, while $38.4 million came from new projects.

Its order book stood at $122.7 million as at May 24.

Cash and cash equivalents as at end-March stood at $45.4 million.

SEE:Nordic Group clinches contracts worth $24 mil

In its business update, the group says it looks forward to see a “better performance” back to pre-Covid-19 levels after its businesses and performance were negatively impacted by the pandemic.

All of its entities have resumed work with some disruptions since 2HFY2020.

The group add that it “remains optimistic” with the contract wins secured to date, the cost and risk management initiatives, as well as the opportunities for mergers and acquisitions (M&As).

Shares in Nordic Group closed 0.5 cent higher or 1.9% up at 27.5 cents on May 24.