- NZ’s volume of building activity was up in the June 2022 quarter in comparison to the March 2022 quarter.
- Fletcher Building to hold its Annual Meeting on 26 October.
- Steel & Tube Holdings to distribute a final dividend on 23 September.
As per the latest report of Stats NZ, in the June 2022 quarter, the country’s building activity volume climbed 2.6% as compared to the previous quarter.
New Zealand’s residential activity rose 3.2%, while a 1.6% increase was seen in non-residential activity in the June 2022 quarter.
It is pointed out that the value of building work put in place was under NZ$31 billion for the year ended June 2022, up 12% on the last year. The said increase in the total value of building work can be attributed to high construction costs.
Amid this backdrop, let us explore the three renowned NZ-listed construction stocks, namely, Fletcher Building, Metro Performance Glass and Steel & Tube Holdings.
Source: © Kurhan | Megapixl.com
Fletcher Building Limited (NZX:FBU)
Employing over 14,500 people across Australasia and South Pacific, Fletcher Building Limited is a well-known name in the construction sector and has NZ$4.37 billion as its current market capitalisation.
On 26 October, it will hold its 2022 Annual Shareholders’ Meeting. Further, it has advised sending director nominations by today, i.e., 5 September.
In its recently released FY22 results, FBU’s NPAT jumped 42% to NZ$432 million and revenue grew to NZ$8,498 million. Its balance sheet remains robust with NZ$1.1 billion liquidity at year-end, and it will pay 22.0 cps as a final dividend next month.
On 5 September, at the time of writing, Fletcher Building was down 0.18% to NZ$5.520.
Metro Performance Glass Limited (NZX:MPG)
Engaged in manufacturing and supplying glass and related products across the country, Metro Performance Glass Limited has a market cap of over NZ$40 million.
Recently, resolutions were carried out in its Annual Meeting to elect Jenn Bestwick and Julia Mayne as the Company’s directors, and its Board was authorised to determine its auditor, PwC’s remuneration.
Despite frequent COVID-19 disruptions and other external pressures, MPG achieved solid sales in New Zealand, both before as well as after the lockdown period. However, the NZ revenue declined 1% Y-o-Y to NZ$178 million in FY22. The Company is focused on unlocking potential opportunities and improving its product offering to customers.
On 5 September, at the time of writing, Metro Performance Glass was trading flat at NZ$0.220.
Steel & Tube Holdings Limited (NZX:STU)
Steel & Tube Holdings Limited is one of the renowned providers of steel solutions across the country. Its current market capitalisation is about NZ$252 million.
Recently, STU announced holding its Annual Meeting on 30 September. Its shareholders can attend the meeting either in person or online. It is planning to carry out resolutions pertaining to its directors’ election and re-election, auditor’s remuneration, etc.
Steel & Tube Holdings delivered record FY22 results, with revenue clocking NZ$599.1 million, up 24.6% on pcp, driven by trading disciplines, operational excellence, and a focused customer service approach. It will pay a final dividend of 7.5 cps on 23 September.
On 5 September, at the time of writing, Steel & Tube Holdings remained constant at NZ$1.520.
Even as cost pressures continue to escalate, the amount of building work being undertaken across Kiwiland continues to increase. NZ construction companies continue to remain committed to delivering good performance boast a solid pipeline of work.