Another day, another contract: CIMIC group wins two more contracts worth $100M

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Another day, another contract: CIMIC group wins two more contracts worth $100M

 Another day, another contract: CIMIC group wins two more contracts worth $100M

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Summary

  • CIMIC Group has pleased investors with contract wins this week.
  • Today, it reported further works were secured after announcing two contract wins in the last two days.

CIMIC Group Ltd (ASX:CIM) announced that its companies Sedgman and CPB Contractors had bagged contracts worth $100 million in revenue. The contracts further extend the presence of these subsidiaries in Queensland.

QCoal has awarded Sedgman a contract to design and construct a tailings dewatering facility at the Byerwen mine in Central Queensland. After the completion, the project will lower risk profile and power usage besides providing better water recovery and management of dewatering chemicals. It is scheduled to complete in mid-2022.

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Another subsidiary of CIMIC, CPB Contractors, has bagged a Queensland government contract to deliver Stage two of the Yarrabilba State Secondary College. The project includes senior applied technology centre, senior general learning spaces, arts and design centre, and performing arts centre. The project is expected to complete in 2022.

Chief Executive Juan Santamaria said CIMIC Group firms have a history of delivering projects in Queensland, and they will continue to deliver high quality services to Qcoal and Queensland Department of Education.

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Notably, CIMIC Group has been on a contract winning spree since last few days. Just yesterday, its firm CPB Contractors scored a contract from Queensland government for Bruce Highway Upgrade – C2CD project, which is funded by Queensland and Australian governments.

The contract, which will generate a revenue of $289 million, is for a priority project being progressed under the national highway network.

Earlier this week, CIMIC Group had notched up another contract from Rail Projects Victoria for the Gippsland Line Upgrade. The project is expected to deliver revenue of around $124 million to CIMIC’s firm UGL.

At the time of writing, CIM shares are trading nearly 1.3% higher at $18.34s.

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