The boom is far from over for Australian engineering firm Monadelphous Group, which today reported a full year net profit increase of 44.5 per cent on last year and continued strong demand for its services from both the resources and mining sectors.
The Perth-based engineering outfit has reported net profit of $137.3 million for the year ended June 30, marking its eleventh straight year of profit gains and a 44.5 per cent increase on last year's $95.1 million.
Shareholders can look forward to a fully-franked final dividend of 75 cents a share, up from 55 cents last year.
Monadelphous managing director Rob Velletri said after securing $2 billion worth of contracts in the 2011-2012 financial year, the company had a significant number of existing and new projects under way, with more about to ramp up.
"What Monadelphous is seeing is a strong pipeline of engineering construction opportunities, reflecting the numerous large-scale LNG, iron ore and coal projects in the early phases of execution," Mr Velletri said in a statement.
"While there has been some recent market commentary about potential delays and uncertainty of commitments to future new projects, the current crop of approved projects, particularly in the LNG sector will drive strong demand for the next few years."
The company also reported sales revenue from its Maintenance, Industrial Services and Infrastructure divisions of $1.9 billion, up 31.4 per cent on the previous year.