On Tuesday 23rd of August, we released our 2022 full year results. I am pleased to announce we reported solid financial results with better than expected sales revenue of $1.93 billion for the year, a similar result to last year.
Congratulations to our Maintenance and Industrial Services division who had a stellar year, reporting a record revenue of $1.17 billion, up 19.4 per cent on last year. The result reflected strong demand across the board, with increased activity in the oil and gas sector, as well as in Chile and Papua New Guinea.
As forecast, following a busy first half, our construction revenue declined in the second half due to a number of our major resources projects reaching completion, and the timing of award and commencement of new projects. The division should be proud of their work on a number of successful projects including the South Flank Project, West Angelas Deposits C and D Project, Kemerton lithium hydroxide plant and Western Turner Syncline Phase 2 iron ore Project (Mondium). In total, our Engineering Construction division reported revenue of $774 million for the period, down 21 per cent on last year. A new wave of resources projects currently in the tendering phase is expected to see a ramp up in construction activity throughout the course of the 2023 financial year.
Importantly, we secured approximately $1.45 billion of new contracts and contract extensions since the beginning of the financial year, which reflects the ongoing high levels of tendering activity and is a testament to our team’s ability to deliver on our promises to customers.
These contracts are spread across a broad range of industry sectors and geographies, including $400 million of new work in the iron ore sector with BHP, Rio Tinto, Fortescue Metals Group and Roy Hill, as well as $500 million of new contracts and contract extensions in the oil and gas sector with Woodside, Origin and Shell. In addition, Zenviron secured a $250 million contract for balance-of-plant work at Rye Park Wind Farm, the largest wind farm to ever be constructed in New South Wales.
Overseas, we secured around $175 million of new work, including a number of contracts in Chile, particularly in the copper sector, via Buildtek, as well as new work in the gold sector in Papua New Guinea. Most recently, we were awarded a contract for the construction of surface infrastructure associated with the Oyu Tolgoi Underground Project in Mongolia.
After a significant improvement in our safety performance the previous year, we saw our 12-month total recordable injury frequency rate increase to 3.07 incidents per million hours worked, which is disappointing. I urge everyone to please consider what you can do personally to address this, remembering The Safe Way is the Only Way. On a more positive note, our serious incident frequency rate improved by around 55 per cent over the course of the year as a result of our sustained focus on fatal risk hazards and the continued application of Fatal Risk Control Standards.
By year end, our workforce numbers, including subcontractors, were sitting at around 8,000 people (7,977 to be exact). I am proud to say, it is you, our people, who have helped build Monadelphous into the successful company it is today – a contractor and partner of choice, delivering high-quality, safe and cost-effective service solutions to our customers.
I want to take this opportunity to thank you all for your contribution to another successful year and also to recognise that it’s our people today who will help shape the future of Monadelphous – a future that will see us continue to grow from strength to strength.
If you would like to read more about our results, you can do so, here.