During FY22, Boral responded to external market factors that included COVID-19 related construction shutdowns, La Nina rainfall events on the Australian East coast and substantial energy cost inflation.
Boral re-focused its portfolio on the Australian construction materials sector, divesting non-core assets in the US and the Australian building products businesses, returning surplus capital to shareholders.
With a change in leadership in October 2022, Boral embarked on it’s Good to Great strategic journey under CEO and Managing Director Vik Bansal, and a refreshed leadership team. The business re-embraced its iconic ‘Green and Gold’ Boral ‘flag’ logo, coupled with its purpose and tagline: Building Something Great.
With a new operating model and cadence in place, Boral experienced solid financial and safety performance improvements during FY23 ($3.46bn revenue and 7.24 TRIFR; improvements of 17.1% and 47% respectively in comparison to FY22), with the trend continuing into the first-half of FY24.
In February 2024, majority shareholder SGH announced a takeover bid for the remaining 28.4 per cent of Boral shares it did not own. In April, the Boral Bid Response Committee revised its recommendation to shareholders to accept the SGH offer.
As part of takeover activity and privatisation, the Australian Stock Exchange (ASX) suspended Boral Limited from quotation on 6 June 2024. On 4 July 2024, SGH announced it had completed the acquisition of outstanding shares in Boral and effectively held 100% interest in Boral.
Boral was delisted from the ASX on 5 July 2024.