CIMIC Group Wins Sydney Metro Works From NSW Government

CIMIC Group Companies (ASX: CIM), CPB Contractors and UGL have been awarded by New South Wales Government for $1.376 billion Sydney Metro works.

Under the terms of contracts, joint venture partners CPB Contractors and UGL will deliver the Line-wide works package for Australia’s biggest public transport project, Sydney Metro City & Southwest. This new works at Sydney Metro are reported to commence this year and are slated to conclude in 2024, providing a revenue of $1.376 billion to the joint venture.

CIMIC Group Chief Executive Officer Michael Wright stated that the wining of the project underscores the CIMIC Group’s integrated rail solutions and combines the proven expertise in rail-sector within CIMIC Group’s asset solutions provider UGL and its construction company CPB Contractors.

This joint venture includes the delivery of end-to-end result, covering construction, design and commissioning of the project. Broadly, the works include the expansion of current Sydney Metro Trains Facility at Rouse Hill, building of tunnel ventilation, mechanical and electrical systems, design, construction and commissioning of rail systems in the twin 15km Chatswood to Sydenham Sydney Metro tunnels and delivery of new Sydney Metro Trains Facility South at Marrickville.

System contractor in the transportation sector, UGL is currently engaged into the work of tunnel fit-outs for the Sydney Metro Northwest and Epping to Chatswood projects.

UGL Managing Director Jason Spears stated that Sydney Metro City and Southwest Line-Wide Works package outline the building of strong relationship between UGL and Sydney Metro. He further said the involvement of company’s in-house teams throughout the designing, construction and commissioning phase will optimise operational performance at the project.

As per the company’s information, CPB Contractors are currently delivering contracts on Sydney Metro Northwest, Sydney Metro City & Southwest, WestConnex M4E and New M5, reflecting the rapidly growing portfolio of rail projects across Australia.

CPB Contractors Managing Director Juan Santamaria said the project with the revenue of $1.376 billion further builds to the CPB Contractors’ rail projects portfolio including the Metro Tunnel in Melbourne. He added the company stays committed to safely deliver this essential infrastructure for the people of New South Wales.

Moreover, CIMIC Group along with its member company UGL, CPB Contractors, EIC Activities and Pacific Partnerships are playing principal role in the development, operations and delivery of Sydney Metro project.

CIMIC group’s 2018 NPAT is expected to be within the range of $720 million to $780 million as per the company’s announcement made in Fiscal 2017 results. The guidance represents an increase of 3% to 11% on 2017 reported NPAT of $702.1 million.

Despite securing new contract from NSW Government, CIMIC Group Limited (ASX: CIM) witnessed bearish market in today’s trade. At the time of writing, 21 November 2018 (2:04 PM AEST), CIMIC Group’s share price has gone down by 0.614% to stand at $42.060. Currently, the stock is trading at a PE of 18.500 x with market capitalization of $13.72 billion. The historical performance of the stock has also shown the downward trends as the stock has fallen 15.66% over the past 12-months.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Â

Â


Disclaimer
The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK