MACA has reported a $42.8 million net profit due to a strong pipeline of work across WA’s resources sector, but is providing few details on the status of a much-discussed takeover.
MACA has reported a $42.8 million net profit due to a strong pipeline of work across WA’s resources sector, but is providing few details on the status of a much-discussed takeover.
The Welshpool-based contractor recorded $1.65 billion in revenues for the year ended June 2022, marking a 41 per cent increase compared on the previous year.
Earnings were spurred by a suite of works across its mining and civil division, which included $140 million in renewals for open-pit mining services with Roy Hill and Pilbara Minerals, bringing total work in hand as of July to $2.8 billion.
That helped MACA triple its net profit attributable to owners from $14.4 million last year to $42.8 million.
It has started the new financial year with new contracts to the tune of $90 million, including an earthworks gig valued at $34 million on Lynas Rare Earths' Kalgoorlie processing facility.
Despite delivering a solid balance sheet-with the exception of its Interquip division which MACA said had underperformed financially-M&A activity remained the elephant in the room when the company addressed investors this morning.
Chief executive David Greig could do little to ease speculation in response to questions about fellow Western Australian contractor NRW Holdings aside from referring to what had been made public on the ASX.
The competitor made a play for MACA last week, but was turned down after the target’s board deemed it a less attractive proposition than an all-cash offer from Thiess.
“We would be willing to speak to anyone subject to it being a proposal that is capable of being accepted by MACA shareholders ,” Mr Greig told investors, affirming Thiess's $350 million proposal was still the frontrunner.
He could not be drawn on whether the company’s respective boards were in direct discussions at present.
MACA has deferred its decision on paying a final dividend while M&A activity remains ongoing.
MACA shares were up 0.66 per cent at 3:55pm AEST to trade at $1.07.
