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Highlights:
- Australian capital goods company, Monadelphous signs AU$220M worth of contracts and contract extensions with infrastructure and resources sectors.
- Monadelphous has secured new contracts from big companies like Rio Tinto and Fortescue Metals.
- Backed by the same, the stock of the company marked considerable gains on the ASX.
Australian engineering group, Monadelphous Group Limited (ASX:MND), on Thursday (7 July 2022), shared that it has secured contracts worth AU$220 million (approximately). Through ASX-announcement, the company informed the market that it has bagged new contracts and contract extensions in the infrastructure and resources sectors.
On the back of this news, shares of this AU$934.31 million market capitalisation company have gained up to 1.22% on the ASX today. However, MND closed today’s trade at AU$9.880 per share, up 0.816%. Monadelphous outperformed its benchmark index, ASX200 Industrials (INDEXASX:XNJ) that closed a tad down at 6,270.000.
For context, All Ordinaries (INDEXASX:XAO) closed up 0.6190% to 6,825.700.
Details of the contracts secured by Monadelphous
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Image source: © Plmrue | Megapixl.com
Monadelphous has obtained multiple contracts in the Pilbara region, Western Australia. Here are the details of all the contracts.
Contract with Fortescue Metals Group Limited (ASX:FMG): This is a five-year agreement, under which it would deliver general shutdown, repairs, maintenance services and minor projects across its operations.
Contract with Rio Tinto (ASX:RIO): Monadelphous would construct a new conveyor at the Tom Price iron ore mine under a multi-disciplinary contract with Rio. It is expected to be completed by the first half of 2023.
Work at Roy Hill Mine: Monadelphous would construct an access road and pipeline at the Roy Hill Miner site. It is estimated that the work will be completed by the end of 2022.
In addition to these contracts across Pilbara regions, the company would offer concrete repair and coating services at multiple Water Corporation sites for a term of five years.
Also, in Queensland, the company has bagged a 12-month extension contract with the BHP Mitsubishi Alliance. The contract extension has the provision of maintenance and dragline shutdown services to its (BHP Mitsubishi Alliance) operations in the Bowen Basin.
About Monadelphous
Monadelphous, headquartered in Perth, was listed on the ASX on 28 March 1991 under the ticker code ‘MND’. The engineering group delivers industrial, maintenance and construction services to infrastructure, energy and resources sectors. The company has two operating divisions, Engineering Construction and Maintenance and the industrial services division.
The engineering construction division provides construction services and large-scale multi-disciplinary project management services.
The Maintenance and Industrial services division offers specialised services in management, planning and execution of electrical and mechanical maintenance services, fixed plant maintenance services, shutdowns and sustaining capital works.
