Boral returns to profit in the FY21

Australia’s Boral has reported a net profit of AUD640m (US$462.87m) for the full year ended 30 June 2021, compared to a loss of AUD1.145bn in the previous fiscal year. EBIT also advanced 37 per cent to AUD445m.

However, sales revenue from continuing operations was down six per cent YoY to AUD2924m, as a result of lower volumes and softer prices, according to a media release.

"Our full year FY2021 results reflect the mixed market conditions we are continuing to experience in Australia during the pandemic," said Zlatko Todorcevski, CEO.

"The value of total construction work done in FY2021 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."

Elsewhere, the company has set science-based climate targets and committed to net-zero emissions from its operations by no later than 2050, in line with the most ambitious aim of the Paris Agreement to limit global warming to 1.5°C.

"We are re-defining Boral through decarbonisation plans, growing our recycling business and accelerating the roll-out of our proprietary lower carbon concrete products. We’ve set sector-leading, science-based, carbon emission reduction targets aligned with limiting global warming to 1.5°C and we are committed to net-zero emissions by 2050. This translates to a commitment to reduce our Scope 1 and 2 emissions by 46 per cent by 2030. We are also targeting a reduction of 22 per cent per tonne of cementitious materials produced by 2030 for our Scope 3 emissions."