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Engineering group Monadelphous’ revenue soared past $1 billion in the 2023–24 half year (H1 2024), with a further $1.8 billion in new iron and lithium contracts in the pipeline.

The rise in revenue represents a 5.8 per cent increase on H1 2023, boosted by record revenue of $708 million from the company’s maintenance and industrial services division.

The engineering construction division also secured $750 million in new contracts following high levels of tendering activity over the half year.

This division also reported a revenue of $303 million, up 9.2 per cent on the prior corresponding period, with several recently awarded projects commencing site activities.

The company’s net profit after tax grew to $30.1 million, up 3.2 per cent on the prior corresponding period, delivering earnings per share of 31.2 cents.

Monadelphous managing director Zoran Bebic said the resources and energy sectors continue to provide a significant pipeline of prospects.

“Investment to sustain iron ore production levels will continue over coming years, several new gas construction projects are currently in development and significant growth is expected in the renewable energy sector,” he said.

“Some price volatility in specific commodities may lead to further decreases or deferral of capital investments, however, levels of mining and mineral processing development in the energy transition metals sector are forecast to remain high over the longer term.”

The company also welcomed a slew of new construction and maintenance contracts totalling over $140 million.

A service contract at Shell QGC’s Curtis Island operations in Gladstone, Queensland was extended by two years, as well as another two-year contract at Queensland Alumna Limited’s nearby operations.

Monadelphous has also been appointed to a panel providing fixed plant projects across Fortescue’s Pilbara operations in Western Australia until August 30 2025, with a one-year extension option.