Queensland rains put a damper on otherwise positive results for NRW Holdings, with 6.6 per cent growth in underlying earnings reflecting record performances by its civil and minerals, energy, and technologies (MET) segments.
The company generated $3.3 billion of revenue for the 2024–25 financial year (FY25), an increase of 12.2 per cent year-on-year.
Its civil and MET segments reported annual revenue growth, with civil up 25.7 per cent to $823.7 million, and MET up 17.7 per cent to $932.0 million.
The company pointed to a strong order book of $6.1 billion, inclusive of repeat business and preferred tenders, as contributing to a pipeline of $17.3 billion of business, with $5.6 billion of active tenders.
The company did note that high rainfalls had a negative impact on its mining services division in Queensland.
“The level of profitability in the mining segment has reduced relative to FY24 predominantly due to the significantly higher than average rainfall levels in Queensland, the early termination of the Mt Cattlin lithium contract, and the descoping of two fleets at Curragh,” the company said.
NRW managing director and chief executive officer Jules Pemberton said the result demonstrated the resilience of the company’s diversified model, which was able to weather the rainfalls in Queensland and legislative amendments in South Australia.
The administration of OneSteel and Whyalla Ports directly affected NRW’s mining services subsidiary Golding and led to the group having to record an impairment provision of $110.5 million as a non-underlying item.
“Against this very disappointing backdrop, our Golding business and its dedicated team of around 330 long-term local employees continue to provide mining services to the administrators of OneSteel at Whyalla,” Pemberton said.
Pemberton said bright spots for the company’s mining services division were the successful integration of HSE South Walker Creek and the signing of a new $1.6 billion, five-year mining services agreement for ongoing operations at South Walker Creek, which commences in January 2026.
“Another noteworthy contract win by the mining team during the period was the award of Evolution Mining’s Castle Hill gold project in Western Australia, valued at $360 million over six years,” he said.
“This award provides further commodity diversity for the mining business and will mostly utilise the displaced assets from the Mt Cattlin mine which is now in care and maintenance.”
NRW was confident about the mining division’s capacity to deliver sustained period of success on the back of long-term customer relationships and multi-period contracts.
“Mining continues a process of partnering with existing clients to secure contract extensions and pursue further opportunities to secure new work in commodities including gold and copper to expand the diversity of the portfolio,” the company said.
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Want to connect with the mining industry? Register to attend AIMEX and WA Mining Conference.
Want to connect with the mining industry? Register to attend AIMEX and WA Mining Conference.
Want to connect with the mining industry? Register to attend AIMEX and WA Mining Conference.
Want to connect with the mining industry? Register to attend AIMEX and WA Mining Conference.
