NRW Holdings will pay its shareholders an interim dividend of 8 cents per share after reporting a record earnings result for the half year ended December 31.
The civil and mining contractor said its net profit for the half year was up 123 per cent to a record $45.3 million, on total revenue of $610.4 million, a 72 per cent increase on the previous corresponding period.
NRW said the increase in revenue could be attributed to the ramp up of its contract with Fortescue Metals Group at Solomon, its five-year Middlemount Coal contract in Queensland and continued strong demand for civil infrastructure in Western Australia’s iron ore sector.
The fully franked, 8 cents per share dividend will be paid on March 30.
NRW chief executive Jules Pemberton said the company was well-placed to achieve an upgraded full-year revenue target of around $1.3 billion, an increase of 75 per cent on financial year 2011.
“The order book remains very robust with the award of new contracts, extensions and changes of scope to existing projects,” Mr Pemberton said in a statement.
“The company expects to convert a number of current active tenders and preferred contractor arrangements resulting in significant growth of the forward order book during the second half of FY12 and beyond.”
At 9:55AM WST, NRW stocks were down slightly, trading at $3.59.