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Cimic announces new CEO and increased profit
October 19, 2016 09:55 AM

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.

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