NRW shines in 2018 thanks to impact of new contracts

Mining contractor NRW Holdings will release its first dividend to shareholders since October 2014 as the result of a positive financial year.

The company saw an annual profit boost of nearly 48 per cent to $43.16 million for the year ending June 2018 thanks in part to securing a number of high-profile contracts.

It is a large turnaround for the company, which posted a loss of $229.8 million just three years ago.

Of the contracts secured over the past financial year, several were through NRW’s subsidiary company Golding Contractors, which NRW purchased from Champ Private Equity in September 2017 for $85 million.

Among the contracts that helped to contribute to NRW’s high-profile year were a $420 million deal with Wonbindi Coal at Baralaba North; a $176 million contract with BHP on the South Flank iron ore project in Western Australia; a $93 million contract extension with Stanmore Coal at Isaac Plains in Queensland;  a $210 million contract extension with Coronado Curragh in Queensland; and two contracts with Rio Tinto, including a $37 million earthworks contract.

NRW Holdings has achieved a company record $2.2 billion order book by the end of July 2018.

The dividend for shareholders is priced at 2 cents per share and will be paid on November 6.

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