CFC posts $18m profit in FY18

12/12/2018 - 15:16

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Diversified family business CFC Group has registered a big jump in profit for the 2018 financial year, aided by strong performances across its three primary operations.

CFC posts $18m profit in FY18
Justin Cardaci says the east coast diversification strategy has been well timed.

Diversified family business CFC Group has registered a big jump in profit for the 2018 financial year, aided by strong performances across its three primary operations.

CFC’s profit surged 52 per cent to $17.9 million, while revenue increased  22 per cent to $556.1 million for the 12 months to June.

The rise in revenue pushed CFC into 11th position on the BNiQ database of private companies in WA.

The group’s national employee base also grew from 950 in 2017 to 1,200 this year (The company has 1,040 WA employees).

CFC is a diversified group of businesses, owned by the Cardaci family, with interests in equipment distribution, supply chain logistics and specialised mining, infrastructure and utility services.

The company’s three main businesses are logistics company Centurion, construction outfit CEA and mining services firm Cape.

Centurion continued its east coast expansion, with the award of a $75 million contract for global miner Anglo American.

The company also made two major acquisitions, buying Fuel Trans Australia and Welshpool-based heavy haulers Triton Transport Services.

Centurion chief executive Justin Cardaci said the east coast diversification strategy had been well timed.

“The Queensland resources market picked up significantly in early 2017 and our plan to replicate our WA service model of offering safe, reliable and cost effective logistics solutions to customers, has been successful,” he said.

“The WA market has been slower to respond to the upturn but signs of a recovery are definitely there across an increased number of commodities.”

CEA and Redstar have expanded their dealer network to more than 100 dealers in 2018.

CEA chief executive Hylton Taylor said the two companies are growing their parts and service capabilities.

“We are in a great position to take advantage of the growing construction market with a stable of four market leading products and a targeted strategy to rapidly expand our service and parts capabilities fulfilling our customer’s high expectations,” he said.

Meanwhile, Cape has diversified into the lithium space, with crushing contracts for Tawana Resources at its Bald Hill mine and Talison Lithium at the Greenbushes project.

Cape chief executive Peter Rowles said his company was well positioned in the WA market.  

“As one of the few local contractors with expertise working for asset owners in mining, water, power, communications and gas, we are well positioned to support the array of Western Australian mining and infrastructure projects in development at the moment,” he said.

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