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Cimic tells investors get ready for more strong profit growth

The Cimic Group Ltd (ASX: CIM) share price is flat today despite the giant global construction business maintaining forecasts for another strong year of profit growth in 2019 at its AGM today.

In 2018 Cimic posted a net profit after tax of $781 million, up 11% on 2017 and in 2019 is forecasting net profit to come in between $790 million to $840 million thanks to strong demand for new public and private construction and infrastructure projects on the back of low rates and easy money globally.

Cimic also flagged a rebound in resources sector investment as another positive, while at the opposite end it revealed investments in renewable energy projects are also supporting its outlook.

The Cimic share price is up 14% over the past year to $49.07 today and it also paid out $1.56 in dividends over 2018. Others in the engineering space to consider include Worleyparsons Limited (ASX: WOR) and Monadelphous Group Ltd (ASX: MND).

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Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.