CIMIC Group (ASX: CIM) is a leading rail infrastructure and services provider in Australia. On 4 April 2019, CIMIC Group announced that the Government of Queensland has chosen its CPB Contractors (construction business) and UGL (services specialist) as preferred contractors to work on the Rail, Integration and Systems (RIS) package of the Cross River Rail project.
RIS package is a part of the $5.4 billion Cross River Rail project is going to support the new 10.2 kilometre Cross River Rail link. CPB Contractors and UGL will be in a Alliace partnership with Jacobs and AECOM.
Under the contract, CPB Contractors and UGL will provide essential support works and systems to facilitate the operation of Cross River Rail, contributing to CPB Contractors’ long track record of delivering rail infrastructure in Queensland.
The RIS package will deliver the design, supply and installation of the supporting rail systems and it includes rail operational systems, signalling and telecommunication works across the Cross River Rail project. The package also includes an upgrade of the existing Exhibition Station and augmentation of Mayne Yard.
Besides this, the group also announced that Cross River Rail Delivery Authority has selected its Pacific Partnerships, CPB Contractors, and UGL as the preferred proponent to deliver the Tunnel, Stations and Development (TSD) Public Private Partnership package of Brisbane’s Cross River Rail Project. All three companies are part of the Pulse consortium.
Under this contract, the Pulse consortium will provide ongoing maintenance services, tunnelling work and new underground stations for the Cross River Rail project.
While commenting on this contract, Managing Director of CPB Contractors assured that its team will use its rich experience and skills to safely deliver this important project for South East Queensland.
CIMIC Group’s end-to-end capability allows it to finance, design, construct and maintain the new tunnels and rail stations and in past the group’s construction business CPB Contractors and services specialist UGL have been awarded various significant contract.
For the 12 months to 31 December 2018, CIMIC Group reported strong performance which includes NPAT growth of 11% and revenue growth of 9%.
Now, let’s have a glance at the company’s share performance and the return it has posted over the past few months. At the time of writing, i.e., on 4 April 2019, the stock of the company was trading at a price of A$50.290, up by 0.250% % during the day’s trade with the market capitalisation of ~A$16.26 Bn
The counter opened the day at $50.160 and reached the day’s high of $50.760 and touched a day’s low of $49.520 with a daily volume of ~465,954. The stock has provided a year till date return of 17.28% & also posted returns of -0.79%, 13.69% & -0.52% 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 ~289,747.
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