New Zealand: Fletcher Building Materials recorded consolidated sales of US$5.37bn during its 2022 financial year, up by 4.7% year-on-year from US$5.13bn in the previous year. Its net earnings also rose by 42%, to US$273m from US$193m.
The group's concrete division, which includes Golden Bay Cement, contributed US$556m-worth (9%) of group sales. The figure represents an 8% increase from 2021 financial year levels. The business recorded 'strong performances' across all key product segments, underpinned by 'robust' demand and pricing. It made capital expenditure investments of US$51.1m, including in a waste tyre recycling system upgrade at the Golden Bay cement plant. The latter increased the plant's alternative fuel (AF) substitution to 50% from 35%. The company also continued to focus on developing low-CO2 concrete binders.
Fletcher Building Materials chief executive officer Ross Taylor said "The 2022 financial year has not been without its challenges. Global and national supply chain disruptions have continued into the third year of the Covid-19 pandemic." He added "The New Zealand Commerce Commission recently published its interim market study report into residential building supplies. The final report and recommendations will be published in December 2022 and in the meantime we will continue to work collaboratively with both the commission and the government."
