De.mem Secures Desalination Project From Mulpha

De.mem Secures Desalination Project From Mulpha

De.mem Limited (ASX: DEM) announced on 10th April 2019 that the water and Waste treatment company secured an A$2.8 million order for the delivery of a desalination plant in Queensland. The A$2.8 million project will be based on Sea water Reverse Osmosis (SWRO) process, which includes membranes for reverse osmosis to remove the salt from the solvent and Ultrafiltration membranes as a pre-treatment.

The full system includes upgrades to the existing residual disinfection infrastructure along with a new remineralisation package, and the system has a capacity of 1.5 million litres per day.

As per the company, the execution of the order, which the company received from Mulpha a leading international infrastructure investor, starts with an immediate effect and is expected by the company to be fulfilled before the end of the calendar year 2019.

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As per the CEO of the company, Andreas Kroell, the new purchase order supports the positive outlook of the company for CY2019 and marks another milestone project for the company.

Mr. Kroell also mentioned that the construction of the project plant requires extensive technical knowledge including an area of membranes, process design, software and controls, and the order signifies the trust that the company’s customers place into De.mem’s strong technical capabilities.

Mr. Kroell sees the order as an excellent reference point for the expansion of the company in both the domestic and international front. Mr. Kroell mentions that the order represents that the company is on track to strengthen its presence in the Australian water treatment market underpinned by market-leading technology.

Financial milestones:

The company generated total revenue of $10,522,989 for the financial year ended 31st December 2018 (FY18), which was up from its previously reported revenue of $2,930,423 for the financial year ended 31st December 2017 (FY17). After adjusting with the cost of sales the company reported the gross profit of $2,629,195 for FY18, as compared to just $535,885 in FY17.

The operating loss of the company was at $1,891,553 for FY18, which reduced significantly as compared to the operating loss of $6,391,113 in FY17. The total loss of the company for FY18 was at $2,003,829 as compared to the loss of $6,337,252 in FY17.

Financial Strength:

The total assets of the company stood at $5,251,494 for FY18 as compared to $6,302,043 in FY17. Apart from a decrease in the assets, the company also marked a rise in the liabilities. The total liabilities for the FY18 was at $3,385,439 as compared to $3,075,915 in FY17. After adjusting both assets and liabilities, the net assets for the company stood at $1,866,055 for FY18 as compared to $3,226,128 for FY17.

The share of the company closed at A$0.140 (as on 10th April 2019), down by 6.667% as compared to its previous close with an average volume of 39,982.


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