The Share Price Of CIM Zoomed Up By 3.156% After CPB Contractors Won $116m Expansion Project

  • Jan 03, 2019 AEDT
  • Team Kalkine
The Share Price Of CIM Zoomed Up By 3.156% After CPB Contractors Won $116m Expansion Project

CIMIC Group Limited (ASX: CIM), a company from the capital group industries announced that its CPB contractors had won a contract for the expansion of Coffs Harbour Hospital worth $116 million. The group got selected by the NSW Government for the expansion project.

Under the expansion project, the contractors are supposed to construct a new five-storey building for clinical services. The assignment will start in April 2019 and is expected to conclude by the end of 2021.

Michael Wright, who is the Chief Executive Officer and Managing Director of the CIMIC Group is delighted to have the contact with the CIMIC group and considers it as an achievement for the company, and he states CIMIC’s capability of delivering a strong track record of constructing health care infrastructure through its CPB contractors in Australia.

He proudly announced their successful contribution towards the quality of life and health care across Australia and is an essential growth in parts of NSW.

Juan Santamaria, the Managing Director of the CPB Contractors, states that recently constructed Sydney’s Northern Beaches Hospital which was a success and is currently working on another project of Nepean Hospital. Seeing the record of the CPB contractors, made them the most appropriate candidate for the expansion project.

He also states that CPB Contractors are committed towards their work and for this project of expansion the contractors are now working together with the NSW Health Infrastructure to ensure that the result which they deliver is safe and also on time.

The expansion program will include the construction of five storey building with a helipad for those patients who are in critical condition, Intensive Care Unit and surgical, maternity and pediatric inpatient units. The new building will also be connecting the other structures of the hospital at the ground level and on the first floor. It will also include the re-innovation of its old buildings and any associated external wall.

CIMIC Group Limited officially got listed on ASX on 11 December 1962 and is a blue-chip fund which has a track record of positive performance throughout its journey. In ten years, the company has performed 82.92%. In the last five years, the performance of the company was 171.31%. However, the previous year’s performance was -16.08%.

The half-yearly results of CIM for FY2018 reports an increase in the net profit after tax by 12% which is a year on year growth which is worth $363 million. There was a strong cash generation through the operating activities which increased by 17% YoY to $724 million. The balance sheet of CIM increased its strength with net cash of $1.3 billion. Long and trusted experience of the group has a strong order book where the company has around $34.8 billion work in hand. With the positive outlook and strong guidance, support encourages more public-private partnership through its construction and services.

With the vast experience into the capital goods sector and being a blue-chip fund is always a point of attraction for the investors as they consider safe to invest in these companies. Above that, the winning of a new contract zoomed up the share price by 3.156% with the closing price of A$44.120 and the market capitalization of A$13.87 billion.


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