Monadelphous boss Zoran Bebic expects iron ore, gas and renewable energy to support West Australian project activity as he seeks to recover from the loss of a big lithium contract.

The construction group delivered a 16 per cent increase in annual net profit to $62.2 million on Tuesday. Monadelphous lost $75 million to $85 million in forecast revenue for the 2025 financial year after US miner Albemarle scrapped its construction contracts for the Kemerton project in south-west WA due to falling demand for lithium.