Following record revenue during the 2024 financial year, Duratec Australia has secured a structural integrity project from Rio Tinto, under an existing master services agreement.
Duratec Australia has secured a structural integrity project from Rio Tinto under an existing master services agreement, following record revenue for the Wangara-based construction company during the 2024 financial year.
Under the high-grade screen house structural integrity project, valued at $44 million, Duratec will install strengthening steelwork within the ore handling facility at Rio Tinto’s iron ore mine in Tom Price.
ASX-listed Duratec told the market that work at the site would begin in January next year and would likely wrap up towards the end of the 2026 calendar year.
“This project represents another key milestone in Duratec’s business strategy,” managing director Chris Oates said.
“Duratec has a long history in delivering large asset remediation projects for the mining and industrial sector.
“We have an experienced and well-prepared team and look forward to delivering this project to the highest quality standard.”
Friday’s update follows news last month that Duratec and its associated firm DDR Australia had secured two major contracts, with Woodside and the Department of Defence, respectively.
As part of its $54.7 million contract with the Department of Defence, the company will provide an upgrade to the department’s high-frequency communications capability, as part of “project Phoenix”.
In addition, Duratec won a $21.8 million onshore services contract from Woodside Energy to conduct work at the King Bay supply base wharf refurbishment project.
In May, the Wangara-based firm forewarned shareholders it had revised its revenue guidance for the 2024 financial year from $570 million to $610 million to between $550 and 565 million.
But three months later, the contractor announced it had generated a record revenue of $555.8 million, up 13 per cent, from the prior corresponding period.
Additionally, its net profit after tax rose from $19.2 million to $21.4 million, along with having $65.2 million cash, down from $66.2 million during the 2023 financial year.
Duratec shares were up 7 per cent to $1.59 as of 11.38am WST.
