NRW Holdings' revenue hit $1.43 billion during the first half of the 2024 financial year, up 6.7 per cent from the previous corresponding period.
NRW Holdings' revenue hit $1.43 billion during the first half of the 2024 financial year, up 6.7 per cent from the previous corresponding period.
This increase was due to financial discipline, according to managing director and chief executive officer Jules Pemberton.
“I’m again very pleased to be able to deliver a strong set of interim results to NRW’s shareholders," he said. "These financial results for the first half of the FY24 financial year reflect the diversity and resilience of our business model."
NRW's earnings before tax, interest and amortisation were up 9.1 per cent to $92.1 million, while its earnings before tax, interest, depreciation and amortisation jumped 10.2 per cent to $157.2 million.
Shareholders will receive an interim fully franked dividend of 6.5 cents per share, which will be paid on April 11.
These results follow a successful 2023 financial year for NRW, which generated $2.7 billion in revenue and which Mr Pemberton stated as "the best set of results in our nearly thirty-year history" in November last year.
NRW also provided a series of operational updates, as it aims to capitalise on this success.
From a mining perspective, the company said it would focus on FY26 and beyond, due to a full order book for FY24 and the majority of FY25 revenue already having been secured. While its major commodities were likely to bear fruit, NRW was mindful of the declining lithium price.
"The outlook in our core markets of iron ore, metallurgical coal and gold remains positive with strong levels of tender activity across these commodities," the company said.
"As often noted, the group is very disciplined in the deployment of capital to new opportunities and selectively targets those commodities and projects that will deliver the best return.
"It is expected that during the second half of FY24, revenues from lithium mining activities will reduce slightly as clients respond to the current weakness in market pricing. However, the impact is expected to be limited based on their current advice."
In January, the company's civil arm was also selected as the preferred proponent to build and design two new bridged interchanges as part of the state government's $225m Reid Highway interchanges project.
Mr Pemberton said NRW had reconfirmed its FY24 guidance targets, with annual revenue predicted to reach $2.9 billion by the end of the financial year.
"Our strong performance in the first half of FY24 sets a promising tone that is expected to continue for the remainder of the fiscal year and into FY25," he said.
"The current forecast indicates a revenue stream in excess $1.5 billion will be delivered in the second half of the year, underlining our consistent financial strength.
"Furthermore, we have already secured revenue of around $4 billion for FY25 and beyond, which underpins our confidence in the group’s future performance."
