North American Construction Group (NACG) has reported net income of C$63.14m ($46.8m), or C$2.09 per diluted share for financial year 2023, down from C$67.37m or C$2.15 per share in 2022. 

Its revenue for 2023 climbed to C$957.22m, up from C$769.53m in 2022.  

Gross profit for the year ending 31 December 2023 was C$154.21m, an increase from C$101.54m the previous year.  

Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for 2023 stood at C$296.96m, compared to C$245.35m in 2022.  

In the fourth quarter (Q4) of 2023, NAGC’s revenue saw an increase to C$326.29m from C$233.42m in the same period in 2022.  

Gross profit for the quarter also surged to C$65.45m, compared to C$42.59m in the previous year. 

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Net income for the quarter ending 31 December 2023 experienced a decrease to C$17.64m from C$26.08m in the corresponding quarter of the previous year.  

Basic net income per share for the quarter was C$0.66 versus C$0.99 in the same quarter of 2022. 

Diluted net income per share also saw a decline in Q4 2023 to C$0.58 compared with C$0.84 in Q4 2022.  

Adjusted EBITDA for the quarter rose to C$101.13m from C$85.87m in Q4 2022. 

On 1 October 2023, the company concluded the acquisition of MacKellar Group, followed by a smooth transition of control along with three months of robust equipment use. 

NACG president and CEO Joseph Lambert said: “The acquisition of the MacKellar Group is a milestone moment for our company and I’d like to thank all the employees for the hard work that has been put in to make these first few months in Australia such a success.” 

For full-year 2024, NACG forecasts its adjusted EBITDA to be between C$430m and C$470m.