Due to lockdowns, Site was hit by Covid, all the way down to a...

Due to lockdowns, Site was hit by Covid, all the way down to a $4 million market cap. However with the re-opening, it is now returning to form with the company on the way to achieving circa $31 million revenue in FY25 - but the market just hasn’t woken up to the opportunity…yet. The company could be in for a serious rerate as it exceeds its former milestones, most notably in developing and upskilling the workforce in Saudi Arabia in partnership with the most profitable company in the world, oil giant Saudi Aramco - under the Kingdom's Vision 2030. Its blue chip clients also include ExxonMobil, GE and OceanaGold. What has interested prominent and institutional investors, such as EGP Capital, Lucerne Investment Partners, and Altor Capital’s Alpha Fund, is Site’s 38.4% interest in a 30 hectare leasehold in Clark, the Philippines. While the asset was valued at $26 million in the depths of Covid, the company is working on changing the Floor Area Ratio (FAR) from 1.25(which permits a two-storey building) to 6-8 (which permits a 28-32 storey building), in order to sell the land to a developer. An adjacent plot of land with a higher FAR previously sold for circa US$5 million/hectare