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.
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“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.”