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Site Group International marks a milestone in Saudi Arabia

Site Group International (ASX:SIT) has crossed a milestone in Saudi Arabia where the first trainees from its Industrial and Construction Skills Institute has graduated.
Site Group International marks a milestone in Saudi Arabia
Site Group International marks a milestone in Saudi Arabia

The company offers site skills training, delivering high risk licencing, safety and apprenticeship training in Australia, the Philippines and Papua New Guinea.

The college in Saudi Arabia operates in conjunction with the Al Ajmi Company and Canadian Petroleum Services, to train Saudi men for careers in the Saudi Aramco Jazan Economic City project.

All 163 graduates have secured employment, validating the quality of Site Group’s training program.

International companies such as Saipem, Consolidated Contractors Company (CCC) and Nasser S. Al-Hajri Corporation have recruited the graduates.

The trainees span four trades and now enter careers as riggers, scaffolders, heavy equipment operators and crane operators.

Site Group continues to achieve solid organic growth and is adding to its business portfolio by expanding both geographically and in terms of product offering.

The company reported a revenue of $67.6 million in FY2016, which is an increase of 66% from FY2015.

This has resulted in an EBITDA of $13.3 million for FY2016, which is up from $4 million in the prior year, and net profit after tax of $9.4 million, up from $1.95 million in FY2015.

Site Group’s share price has increased by about 15% since the beginning of this year, last trading at $0.15.

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