Australian construction and contract mining behemoth Cimic has posted a 11-percent increase in their net profits on Wednesday, up to 580.3 million (Australian dollars).

Cimic reported robust cash flow for the six month period, with their net cash on hand position sitting at 409.3 million (Australian dollars).

Adolfo Valderas, chief executive officer at Cimic, said the company was looking forward to a promising growth phase, due to their positive cash flow.

"Due to our enhanced cash position, we have been able to pursue growth opportunities including a net investment of 1 billion (Australian dollars)," Valderas said.

The construction giant has also modified its 2017 guidance, with profits expected to jump a further 11 percent higher, to be 21 percent, representing a net profit position in the range of 640 to 700 million (Australian dollars).

"We have a solid basis for growth and our strategic acquisitions provide a platform for further expansion." Valderas said.

Cimic reports that a final fully franked dividend of 62 Australian cents per share will be paid to current shareholders.