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CIMIC Group posts 20.6% YOY rise in Q4'17 net profit

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CIMIC Group posts 20.6% YOY rise in Q4'17 net profit

CIMIC Group Ltd. said net profit after tax rose 20.6% to A$201 million in the fourth quarter of 2017 from A$166.6 million in the year-ago period.

The Australian contractor reported revenue of A$3.827 billion in the fourth quarter, up 19.1% from A$3.213 billion in the same period of 2016.

EBITDA surged 39.9% year over year to A$423.6 million.

For full year 2017, CIMIC booked a net profit of A$702.1 million, up 21% from A$580.3 million from 2016. This exceeded the company's net profit guidance of A$640 million to A$700 million.

Full-year revenue was up 23.7% to A$13.430 billion. Work in hand rose A$2 billion year over year to A$36 billion, equivalent to more than two years of revenue.

CIMIC cited large-scale infrastructure projects, big-ticket operations and maintenance deals, and mining contracts as key growth drivers of its core business.

The company declared a final ordinary dividend of 75 Australian cents per share to be paid July 4.

Looking ahead, the company projects 2018 net profit to be in the range of A$720 million to A$780 million.

As of Feb. 6, US$1 was equivalent to A$1.27.