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Engineering firm CIMIC has announced a fresh buyback of another 10 per cent of its shares over the next year.

It is the fourth straight year the firm has committed to buy back of up to 10 per cent of its shares, with the latest buyback commenced at the same time last year set to expire on December 28.

The new buyback, which would be worth $1.38 billion based on its current share price, will start the following day.

CIMIC lifted full-year profit for the last financial year by 21 per cent and in October said net profit for the first nine months of 2018 was up 13 per cent to $564 million.

Its shares have fallen back from about $52 in September and were worth $42.57 before the start of trade on Friday, still a near threefold increase over the past five years.