CIMIC Group Announced two Significant Contracts for its Construction Business- CPB Contractors

CIM

On 1 April 2019, CIMIC Group Limited (ASX: CIM) announced two significant contracts for its Construction Business, CPB Contractors.

CPB Contractors has been selected by Otakaro Ltd to deliver the Christchurch Metro Sports Facility which is a three-building facility with a seating capacity for 1,000 spectators, swim leisure area, 9 indoor netball and basketball courts. This facility is largest aquatic and indoor recreation and community venue in New Zealand.

It is expected that the contract for Christchurch Metro Sports Facility will help CPB Contractors to generate around NZ$221million in revenues. Further, the construction of the facility is expected to start in May 2019, and it will be finished in late 2021.

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In past, CPB Contractors has provided important infrastructure in New Zealand and it has delivered critical infrastructure for the Christchurch community, maintaining its leading position in New Zealand.

Besides the contract for Christchurch Metro Sports Facility, CPB Contractors has been awarded a contract for the Northern Road upgrade between Eaton Road and Littlefields Road by the New South Wales (NSW) Government. From this, CPB Contractors will generate around $119 million in revenues.

Under the contract for the Northern Road upgrade, CPB Contractors will upgrade 3.6 km of existing two-lane road and upgrade 2.5 km of local arterial roads. Currently, CPB Contractors is working on Stage 5 of the Northern Road upgrade and it is expected that this work will facilitate the smooth and safe provision for the recently awarded Northern Road upgrade. It is expected that the construction for the Northern Road upgrade will commence on in Mid-2019 and conclude in 2021.

In the recent past, CIMIC’s other businesses have also secured significant contracts which includes CIMIC’s global mining services provider, Thiess securing a A$1.7 billion contract in Botswana and CIMIC’s services specialist UGL securing a contract for services on the Woodside Energy Limited operated Karratha Gas Plant (KGP). In March 2019, Thiess also secured a A$172 million contract extension from Bayan Resources, demonstrating Thiess’s ability to drive operational solutions and value for its clients to meet their production and expansion needs.

Now, let’s have a glance at the company’s stock performance and the return it has posted over the past few months. The stock is trading at a price of $48.990, up by 1.513% during the day’s trade with a market capitalisation of ~$15.65 billion as on 1 April 2019. The counter opened the day at $49.960 and reached the day’s high of $50.00 and touched a day’s low of $48.840 with a daily volume of ~ 357,264. The stock has provided a year till date return of 12.84% & also posted returns of -4.19%, 11.17% & -3.65% over the past six months, three & one-month period respectively. It had a 52-week high price of $51.670 and touched 52 weeks low of $39.575, with an average volume of ~283,953.


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