Cimic announces new CEO and increased profit

Company News

by David Chau

Cimic Group (ASX:CIM) has announced solid financial results.  In the nine months to September, the company’s NPAT rose 5.9% YOY to $413.7 million, and its NPAT margin increased by 170 basis points.

Cimic also reported that, in the third quarter of this year, its cash flow from operating activities was up 7.3% YOY to $532.9 million.

The company has also confirmed its full-year 2016 NPAT will be in the range of $520 million to $580 million, subject to market conditions.

In addition, the company has appointed Aldolfo Valderas to the position of CEO, effectively immediately. Marcelino Verdes, will step down from the CEO role, and be the Executive Chairman of the company.

Cimic posted a net profit of $244.6 million at 30 June 2016.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.