Cematrix (CVX), through one of its wholly owned subsidiaries, has been awarded a record C$30.1 million tunnel project.
With a $2.7 million reduction to previously reported contracts, due primarily to a stronger Canadian dollar exchange rate, the cellular concrete company now has a total of approximately $108.1 in awarded project contracts.
"This is an incredible award for the Cematrix group of companies and a testament to the credibility and quality of our project team and our advanced technologies," said Jeff Kendrick, President and CEO of Cematrix.
"The award is also a testament to the increased utilisation of cellular concrete in the marketplace [versus] legacy solutions," he added.
That said, Cematrix stressed that it has not allocated specific time periods for the completion of the projects due to the impact of COVID-19, and has elected to suspend its guidance.
"Given that we have seen and reported project delays due to the pandemic, we are delighted to finally see the rollout of effective vaccines and anticipate that pandemic related delays will begin to taper off by the third and fourth quarters of 2021..." Jeff concluded.
The tunnel project is the latest in a string of contracts to be awarded this year, and follows several that were awarded in early September collectively worth $4 million.
As a result, Cematrix's third quarter revenue for 2020 grew 43 per cent, or roughly $3.2 million, compared to the same period in 2019.
The company also reported record EBITDA of almost $1.87 million, representing a 92 per cent increase over last year's figure.
Cematrix is currently up 14.29 per cent to $0.56 per share at 10:49am EST.