CIVIL has announced its Q1/2023 financial results, reporting total revenue of 1,447.09 million baht and a net profit of 47.99 million baht, reflecting a 19.02% increase compared to the previous quarter. The company anticipates an increase in backlog for Q2/2023 and is focusing on enhancing construction management efficiency to maintain cost control. They aim to expedite project deliveries to recognize continuous revenue, collaborating with partners to expand their capacity for both public and private sector projects. The backlog is expected to grow to the target of 20,000 million baht, primarily from projects that have already received budget approval and are unaffected by the elections.

Mr. Piyadit Asawasirisuk, CEO of Civil Engineering Public Company Limited (CIVIL), a leading comprehensive construction company in Thailand, revealed that for Q1/2023, the company recorded total revenue of 1,447.09 million baht, a decrease from 1,649.42 million baht in the same period last year, representing a drop of 202.33 million baht or 12.27%. However, the net profit increased by 7.67 million baht from 40.32 million baht last year, marking a 19.02% rise.

Nonetheless, the company reported an operating profit of 64.21 million baht, up from 48.39 million baht in Q4/2022, an increase of 15.82 million baht or 32.69%. The gross profit margin improved to 9.27%, up from 8.49% in the previous quarter, indicating a positive trend.

The slight decrease in revenue compared to last year is attributed to the recognition of revenue from the final stages of railway construction projects, which reduced the proportion of work in that category. However, the company has increased its share of road projects and continues to recognize revenue steadily. Additionally, revenue from the sale of stone products for construction materials, operated by its subsidiary, has contributed to the increase in net profit.

The company has also seen an improvement in profit margins compared to Q4/2022 due to progress in operations that allowed for regular revenue recognition from construction projects, along with effective cost management and improved sales of construction materials.

Looking ahead to Q2/2023, the company expects to see new backlog coming in at prices reflecting current costs. The outlook is positive as operations align with plans, focusing on enhancing management efficiency and ensuring construction costs are appropriate for the current situation, while delivering projects to recognize revenue as planned. Additionally, the labor force for construction is expected to operate normally.

Furthermore, the company plans to collaborate with business partners to expand its capacity for future public and private sector bids, including projects such as irrigation system construction, roadworks, railway construction, and airport construction, to increase the value of its backlog to meet the target of 20,000 million baht, primarily from projects that have already received budget approval and are not affected by the elections.