SINGAPORE - United Envirotech reported a record net profit of $62.4 million for the 12 months to March 31, a 197.1 per cent increase from the year before.

The stellar earnings came on the back of strong contributions from both engineering and treatment businesses, the environmental engineering company said on May 27.

Revenue for the year gained 72.5 per cent to $349 million, which was also a record, as newly acquired Memstar Technology also contributed in membrane sales.

"Revenue from the recurring water treatment business segment increased 63.3 per cent year-on-year to $102.2 million… Revenue from engineering, procurement and construction projects also increased 42.6 per cent to $199.4 million."

Earnings per share for the period was 6.43 cents, up 90.2 per cent year-on-year. Net asset value was 76.95 cents per share, up 43.2 per cent. A final dividend of 0.5 cent per share was recommended.

In the year ahead, United Envirotech expects to benefit from Chinese government policies that will spur further development in the country's water treatment sector.

"There are tremendous opportunities to further increase our market share in the industrial and municipal wastewater space as we are able to overcome the high entry barrier and meet high discharge standards," the company said.