Rubino disclosed the figure after confirming the company had delivered its 12th consecutive year of earnings growth, which he described as “an outstanding result that flowed from an extraordinary level of construction activity”

Managing director Rob Velletri agreed, stating that the company’s earnings result of $2.61 billion for the year ended June 30, 2013 marked an increase of 37.8%.

Net profit after tax also reached a record $156.3 million – up 24.1% compared to the previous year’s underlying NPAT.

“Monadelphous experienced an extraordinary surge in growth during the financial year,” Velletri told shareholders at the AGM.

“This reflected an unprecedented volume of construction work from record levels of resources and energy developments in the execution phase.”

Velletri confirmed that throughout the financial year, the company was awarded $1.3 billion in new contracts for major construction work in the iron ore and coal sectors, as well as new and extended contracts for maintenance work in the oil and gas market.

“Construction activity was particularly intense, with a number of projects on accelerated schedules ramping up concurrently,” he said.

Following a year of substantial investment in the company’s heavy-lift fleet and specialised pipe-laying equipment, capital expenditure was down 37.5% to $46.4 million – with the company stating the reduction reflected a return to a more typical level of capital expenditure.

Capital commitments totalled $1.6 million at June 30, 2013, compared with $19.6 million at the end of the previous year.

Velletri noted particularly strong growth in the engineering construction and infrastructure division, which reported revenue of $1.78 billion – an increase of 56% on the previous year.

He said the engineering construction and infrastructure divisions secured new contracts with a combined value of approximately $700 million.

“Iron ore and coal projects dominated the divisions’ revenue for the period with significant growth in the number and scale of projects with blue chip customers and a broadening range of services provided,” Velletri added.

In addition, the company’s maintenance and industrial services division delivered record sales revenue of $644 million.

It awarded approximately $600 million in new maintenance contracts and contract extensions, including two significant LNG services contracts with QGC and Woodside.

The company is providing maintenance services across all four of Australia’s major onshore LNG facilities.

During the meeting, Rubino also spoke favourably of the company’s continued commitment to safety throughout the year, improved staff retention figures, its graduate program and its reconciliation action plan.

He explained that the company’s total case injury frequency rate improved by 31.6% to 4.1 incidents per million man-hours worked, while its total workforce at the end of the 2013 financial year was 7418 – up approximately 22% on 12 months earlier.

“Monadelphous remains committed to long-term growth and we are well positioned to take advantage of opportunities in our core markets,” Rubino stated.

“I would like to thank all our people for their loyalty and commitment, our customers for their trust, the board for their guidance and our shareholders for their continued support.”

In conclusion, Velletri stated that the company’s resources construction capital expenditure peaked in 2013 and was forecast to moderate over the next five years.

Increased expenditure in the oil and gas sector is expected to offset the decline in resources, while infrastructure capital expenditure is forecast to remain flat.

Maintenance activity is expected to increase as the number of resource and energy operations grow.

“After an abnormal surge in revenue in the past two years, 2013-14 will be a year of consolidation with revenue levels moderating and not expected to reach those achieved in the previous year,” he said.

“With margins under pressure from a more competitive environment, the company continues to focus on efficiency improvements and cost reductions.

“The company’s leadership position in its core markets of resources and energy and continued development of its diversification strategy will support long-term growth.

“Opportunities for expansion in existing infrastructure markets of water and power and longer-term market diversification, including new services and geographical expansion for existing customers, will continue to be pursued.”