1. Phase 2 in New Mansoura for another 40,000 m3/d facility in...

1. Phase 2 in New Mansoura for another 40,000 m3/d facility in Egypt should be good for this year.
2. Good to see Nitro breaking into the market and growing traction. However, contribution in the overall scheme of things is relatively small.
3. Great that the Italian operation was contributing positively in 2022.

I think this is a very positive update. Just a few observation:
1. With forecasted CES $15-20m, SPS and Recurring $75-80m. assuming margin for CES is still 15%, SPS and Recurring is 35%, the gross margin should be hitting 28.5%. If operating cost is able to cap at 20%, there will be 8.5% to flow to the bottom line, whereas previously, our gross margin was struggling to hit 20%.
2. Interesting to note that there is EUR16m remaining for the Ivory Coast (IC) job. That will be almost all the contribution in CES. The short and long term deposit to apply to IC is US$11.6m. With the perceived weakening of US$ from the start of this year, there could be some positive impact on the exchange rate here. Not knowing if the $11.6m is held in US$ or Euro, that may swing the bottomline a bit.
3. COO Tony Hargrave will be leaving in this quarter. Could be some indication of a continuous re-positioning of the US operation. Kind of showing a move from Henry's old team, through Richard as a stabilizer after Henry and now a revamp through Tom.

I am feeling more optimistic.