Australia: Boral recorded consolidated sales of US$3.87bn in the 2021 financial year, down by 6.7% from US$4.14bn in the 2020 financial year. It recorded a net profit of US$463m, compared to a loss of US$828m in the 2020 financial year.
CEO and managing director Zlatko Todorcevski said “Our full-year 2021 financial year results reflect the mixed market conditions we are continuing to experience in Australia during the pandemic. The value of total construction work was lower than the prior year, including in multi-residential, non-residential and infrastructure construction. Several major projects were completed during the period, with others delayed before new projects come on-line and reach materials intensity. While a lift in detached housing provided a boost to activity during the year, Boral’s earnings are predominantly exposed to construction activity outside of residential.”
He added “We have made substantial progress in our strategy to transform Boral into a stronger, better performing, more customer-focused organisation, with a core portfolio of businesses that deliver value throughout the cycle. Over the past year, we have progressed the divestments of several non-core assets, including completing the divestment of our interest in the USG Boral joint venture and announcing the sale of North America Building Products, achieving sale prices well above expectation. With total proceeds of almost US$3.25bn from completed and announced divestments to date, our strategy to focus Boral on the core Australian construction materials business is well advanced. And following a detailed assessment of strategic options for our North American Fly Ash business, we are now entering the final stages of a divestment of this business.”
