CSE Global looks to have sailed through the tumultous 1Q2020 caused by Covid-19 outbreak relatively unscathed. The global technology solutions provider announced it secured about S$127.2 million of new orders in 1Q2020, which was 46.6% higher y-o-y compared to S$86.8 million (on a continuing operations basis). CSE said at end-1Q2020, it had an outstanding orderbook of S$302.7 million.
At the start of 2020, it had an orderbook of S$307 million which, by the way, was its highest order backlog in five years. Taking into account its end-1Q2020 orderbook and the new order intake just announced, the revenue that was booked for 1Q2020 would have been S$131.5 million (ie $307 m - $302.7 m + $127.2 m). Compared with S$85.4 million in 1Q2019, the growth was an excellent 54% y-o-y. |
CSE is a leading systems integrator, focusing on the provision and installation of a variety of control systems as well as turnkey telecommunication network and security solutions.
The growth in new orders in 1Q2020 was broad based across all industry segments.
(S$’000) |
Order intake |
|
|
Industry Segments |
1Q2020 |
1Q2019 |
Change |
Oil & Gas |
87,793 |
65,118 |
34.8% |
Infrastructure |
25,458 |
17,149 |
48.4% |
Mining |
13,947 |
4,484 |
211.0% |
Total |
127,198 |
86,751 |
46.6% |
(S$’000) |
Order Book end of 1Q |
|
|
Industry Segments |
1Q2020 |
1Q2019 |
Change |
Oil & Gas |
173,082 |
51,967 |
233.1% |
Infrastructure |
114,073 |
126,521 |
(9.8%) |
Mining |
15,501 |
2,905 |
433.6% |
Total |
302,656 |
181,393 |
66.9% |
Of the S$87.8 million of new orders secured by CSE’s oil & gas sector in 1Q2020, the onshore oil and gas business registered a 45.5% year-on-year growth while the offshore oil and gas business, 24.8% year-on-year growth.
Note that the oil price war took place only in early March, followed by a plunge in oil price.
Notably, new orders in the mining sector soared to S$13.9 million, more than triple that of 1Q2019.
As at 31 March 2020, the overall order book remained robust at S$302.7 million, a 66.9% growth over 1Q2019.
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