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23 February 2021 ■ Monadelphous MONADELPHOUS REPORTS 2021 HALF YEAR RESULTS Performance Highlights S S L Revenue $ 947.8 million¹ , up 19 % on 2H20 and 11 % on pcp Net profit after tax $ 31.6 million Interim dividend 24cps , fully franked Secured $ 360 million of new contracts and extensions High level of activity in iron ore sector Substantial improvement in safety performance Strategic focus on people initiatives in tightening labour market Engineering company Monadelphous Group Ltd ( ASX : MND ) ( " the Company ” ) today announced revenue of $ 947.8 million¹ for the period ended 31 December 2020 . The result was up 18.7 per cent on the second half of the 2020 financial year as the industry steadily recovered from the initial impact of COVID - 19 , and was an increase of 11.2 per cent on the same period last year . The Engineering Construction division reported revenue of $ 460.3 million , a 68 per cent increase on the prior corresponding period , with work progressing strongly on a significant number of resource construction projects which had experienced COVID - 19 related delays in the first half of the 2020 calendar year . The Maintenance and Industrial Services division reported revenue of $ 491.5 million , down 15.9 per cent on the prior corresponding period . Maintenance activity levels early in the period were lower than usual as the industry steadily regained momentum after the initial impact of the pandemic , as well as from the effects of reduced levels of demand within the oil and gas sector . Net profit after tax for the period was $ 31.6 million , with the Board of Directors declaring an interim dividend of 24 cents per share fully franked . Despite the unique challenges brought about by COVID - 19 , Monadelphous continued to win new work , during the period securing approximately $ 360 million of new contracts and contract extensions , most notably in the iron ore sector . A large volume of project developments in execution phase together with the resumption of work scopes which were deferred earlier in 2020 and a strong appetite from customers to maximise production has seen activity levels in the iron ore sector ramp up significantly . The Company's 12 - month total recordable injury frequency rate ( TRIFR ) substantially improved during the period to 3.12 incidents per million hours , representing a decrease of 16.1 per cent . This improvement was supported by the implementation of a significant number of health and safety initiatives , including a number of systems improvements and activities to reinforce line - of - fire fatal risk controls . With the skilled labour market expected to tighten further from heightening levels of demand and unpredictable interstate border restrictions , the Company progressed a range of key talent retention , management and attraction initiatives . While the global economic outlook in the wake of COVID - 19 remains uncertain , the resources sector is expected to provide a steady flow of opportunities for Monadelphous over coming years , with the outlook for Australian iron ore investment particularly solid . Ongoing capital and operating expenditure required to sustain the high levels of production in this sector will drive strong and steady demand for engineering construction and maintenance services . 1 Includes Monadelphous ' share of joint venture revenue - refer to page 10 for reconciliation Page 1