A strategy of diversification across service offerings and jurisdictions has helped mining services firm DRA Global navigate COVID-19 labour-related shortages and border restrictions in Australia to record revenue growth across its operating regions and service offerings, with 2021 financial results showing record-high revenue of $1.2 billion.
DRA operates processing facilities on three continents across platinum, gold, copper, phosphates, iron ore, diamonds and coal.
The company also provides maintenance and brownfield optimisation services.
After its dual listing on the Australian Securities Exchange and Johannesburg Stock Exchange in June DRA maintained a robust financial position with cash of $171 million, a backlog of $790 million and a strong pipeline into the future.
DRA's 2021 results include underlying earnings before income, tax, depreciation and amortisation of $62.1 million, up 5% on the previous year, and adjusted basic earnings per share of 64.5c, up 131% year on year.
Net asset value per share was up 34% year on year to $5.38 per share, with return on equity of 18.8%.
Revenue growth was up 44% in the Australia-Pacific and Americas region, although earnings before interest and tax were down due to COVID-19 impacts on some fixed-price construction contracts in Western Australia.
In WA DRA finished work on Kalium Lakes' Beyondie potash project and started at BHP Nickel West's Mount Keith expansion project during the year.
It also started building a coal handling plant for Bravus' Carmichael coal project in Queensland.
DRA also opened an office in Chile to manage its expanding capability in the Americas, with work continuing on Anglo American's Pueblo Viejo project in the Dominican Republic, the Barrick and Newmont Quellaveco joint venture copper mine in Peru and at Antamina, also in Peru.
DRA also works at the Las Bambas project with MMG in Peru and the Las Truchas iron ore project with Arcelor Mittal in Mexico.
Across Africa revenue was up 11% on the previous year with EBIT also up 86% year on year.
DRA continues working at the Kamoa-Kakula copper mine in the Democratic Republic of Congo for Kamoa, the Mogalakwena and Modikwa mines in South Africa for Anglo American and at the Unki mine in Zimbabwe.
DRA managing director and CEO Andrew Naudé said 2021 had been a year of continued global change and uncertainty, with the "great set of results" coming in trying circumstances.
"Our business, like many, has felt the impact of global economic challenges this year," he said.
"We have used the events of the past 12 months to strengthen our business and confirm a future focus for DRA through our advisory offering, growing our underground mining capability and commitment to sustainability."
Naude said the work done to improve and standardise systems and processes for key business functions facilitated greater visibility and enhanced interconnectedness and collaboration, which was critical to the success.
"Global trends including the increasing demand for commodities critical for decarbonisation and the new technology needed to support the transition, digitalisation, and the longer-term impact of COVID-19 are all influencing the resources industry and how we approach our strategy," he said.
"We continue to look to the future [and] we now operate a substantially larger and more diverse global enterprise than a few short years ago and compete in a truly global marketplace."
