Shares in Monadelphous Group Ltd (ASX: MND) are again hitting record levels after the company announced its fourth major contract win in less than two months.
The company said in a statement to the ASX that it had been awarded a “major long-term maintenance contract with Rio Tinto Ltd (ASX: RIO) valued at approximately $300 million in aggregate over five years”.
The company went on to say:
Under the contract, the company will continue to provide fixed plant and shutdown services, delivering generalist mechanical and access services across Rio Tinto’s iron ore operations in the Pilbara region of Western Australia.
Monadelphous Managing Director Zoran Bebic said the contract award reflected the company’s strong reputation for delivering safe and reliable maintenance services.
He added:
We are delighted to continue supporting Rio Tinto’s Pilbara iron ore operations, where Monadelphous has provided services for more than 30 years.
Latest in a series of wins
The new contract win follows a $110 million suite of contracts announced just last week, a $175 million contract win with BHP Group Ltd (ASX: BHP) also announced last week, and a $250 million contract win with Rio Tinto in December.
That contract with Rio was a major construction contract at the company’s Brockman iron ore project, also in the Pilbara.
Monadelphous said at the time:
The multidisciplinary contract, valued at approximately $250 million, includes fabrication and supply, detailed earthworks and concrete, structural, mechanical, piping and electrical and instrumentation works associated with the construction of a new primary crusher and overland conveyor, as well as modifications to existing plant. Work under the contract will commence immediately and is expected to be completed in 2027.
Set up for a strong year
At the company’s AGM in late November, chair Rob Velletri said the company had in 2025, secured about $2.3 billion in new contracts and contract extensions, which was a record, plus had added another $570 million since the end of the financial year.
Mr Bebic said at the time the company was forecasting revenue for the half-year ending December 30 of about $1.5 billion, with full-year revenue expected to be about 20% to 25% higher than the previous year.
Monadelphous shares traded as high as $29.51 on Wednesday morning, up 3.3% and a new record.
Monadelphous Group was worth $2.85 billion at the close of trade on Tuesday. The company has more than doubled in value over the past year.
The post A fourth contract win in under a month has this ASX 200 company’s shares at a new record high appeared first on The Motley Fool Australia.
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More reading
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Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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