On 12 December 2018, RBR Group Limited (ASX: RBR) further provides additional details regarding its recently won Mozambique contract to access its workers.
On 11 December 2018, announced its new-won essential contract to access workers at Mozambique’s LNG project. As per the agreement, the subsidiary of RBR group Future Skills Mozambique (FSM) will be conducting a program where it will be accessing the skills of the those who are looking for jobs in the upcoming project of Mozambique which is Anadarko-led LNG construction project.
For this purpose, RBR through its regional training centers will conduct training across Mozambique. These centers have essential types of equipment as per the requirements of the UK’s Engineering Construction Industry Training Board (ECITB) which is capable enough to test the skillset of the applicants in scaffolding, rigging, pipe-fitting, steel erecting and non-critical welding.
RBR has received affiliation from ECITB. All those applicants who show interest in the Anadarko-led project should meet the standards of ECITB.
After the agreement, RBR holds the labor broking license of Mozambique which gives power to RBR to provide workers to the LNG construction industry. The database which RBR holds consists of 250,000 Mozambican workers.
Its alliance with Kuiper International, RBR also holds power to provide expatriate labor to the LNG projects. Another update which stated that this contract is that, this contract forms a part of broader Skills Fairs program which is a partnership between the Government of Mozambique and Anadarko Petroleum.
RBR expects that they would be able to generate US$250,000 approximately within six weeks period. They have also had a strong feeling that the contract will get further extensions based on the agreement between the two parties.
Since RBR got listed on ASX, the performance of the company was -52.19%. The past ten years performance of the company is -59.60%. However, after that, positive performance is seen from the last five years. The five years performance of the company is 115.15%. The previous one-year performance of the company is 50%.
By the end of FY2018, the company made a net loss of $1,423,464. The balance sheet of the company appears healthy. However, there is an increase in the accumulated loss this year which could create a negative impact on the shareholders and the investors of the company. It also implies a weak operating performance of the company. The total shareholder’s equity is $539,102.
The cash outflow through the operating activities of the company was $1,025,384 where significant cash outflow was in the form of payment to the suppliers and the employees. The cash outflow through the investing activities of the company was $12,132 where the primary source of cash outflow was in the form of payment for plant and equipment and investment in its subsidiary companies.
There was a cash inflow in the form of proceeds from the issue of shares worth $1,040,085 from the financing activities of the company. The net cash available by the end of FY2018 was $341,920. By the end of trading on ASX, the market price of the share was A$0.013 with the stock holding a market capitalization of A$10.63 million.
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