Boral shares climb on higher profit, guidance
Make us a preferred source
Make us a preferred source on Google
More news: Boral shares have climbed more than 6.5% to $4.65 in early trading on the ASX after the construction materials supplier trebled full year underlying profit on the back of price increases. It also outlined an earnings guidance of $270 million-$300 million for FY24, slightly ahead of analysts expectations.
Price hikes help Boral lift full-year profit
The news: Construction materials supplier Boral has trebled its full-year underlying profit on the back of price increases and cost control.
The numbers: Underlying net profit for the year to 30 June rose to $142.7 million from $35.3 million in the previous year, while net revenue was up 17% to $3.46 billion. The company increased prices on quarrying products by 11% over the year, cement prices by 8%, concrete prices by 12% and asphalt by 6%. It did not pay any dividend for FY23
The context: Boral, controlled by West Australian billionaire Kerry Stokes, has been looking to turn around after taking a hit during the pandemic. New CEO Vik Bansal said there had been clear improvement across the business, with volume growth across all products and a disciplined approach to cost and prices.
The source: ASX announcement
