CIMIC Group sees profits rise due to construction and mining boom
The international contractor based in Sydney, CIMIC Group, has announced a rise in its revenue and cash-back profit in the first half of 2018.
The company has accounted its success to its focus on lower costs and complexities within the business.
Strong performances from construction, mining, and mineral processing industries also led to the firm’s rise in net profit after tax, which reached AU$363mn (US$268.2mn) – a 12% rise.
CIMIC Group’s revenue across all Operating Companies rose by 11% to AU$6.9bn (US$5.1bn).
“CIMIC’s strong performance continued during the period, with substantial growth in all key indicators. We achieved double-digit increases in revenue and profit during the first half, and the pace of growth in work in hand accelerated in the second quarter,” remarked Marcelino Fernández Verdes, Executive Chairman of CIMIC Group.
“We maintained our focus on the sustainability of CIMIC’s performance and competitiveness, including by pursuing opportunities to optimise our processes and operations through digitisation and innovation.”
“Innovation will help to make CIMIC an even more efficient performer and further improve risk management and safety.”
“Reducing complexity and cost from our operating model is an ongoing focus at CIMIC, assisting us to maintain consistent margins,” stated Michael Wright, CEO of CIMIC Group.
“Combined with a solid operating performance across our construction, mining and mineral processing, services and public private partnership segments, we are in a strong position.”
“We continue to invest in attracting, retaining and developing talented people to further build a performance-based culture that delivers value for clients and shareholders.”
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.