Brickworks' strategic vision at 90th AGM

Brickworks (ASX:BKW) conducted its 90th Annual General Meeting on November 26, 2024. The meeting featured discussions led by Chairman Robert Millner and CEO Mark Ellenor, focusing on the company's fiscal year 2024 achievements and strategic plans for future growth. Significant developments were shared, including financial performance and property advancements.

Brickworks' roadmap for future growth

Brickworks Limited has outlined a strategic growth plan at its 90th Annual General Meeting, emphasizing significant achievements in FY24 and setting the stage for future endeavors. Key developments include the expansion of the Oakdale West Estate, securing approval for the Oakdale East Stage 2 Estate, and the initiation of construction for a major client, Amazon. Despite facing challenging market conditions, Brickworks improved EBITDA in its building products operations across Australia and North America, complemented by strategic plant developments and rationalization efforts. Financially, Brickworks reported an underlying NPAT of $61 million, though a statutory loss was recorded due to non-cash devaluations. The company is committed to enhancing shareholder returns, with a notable increase in its final dividend. Governance changes, including leadership transitions and the establishment of a new Sustainability Committee, underscore Brickworks' focus on growth, innovation, and sustainability. Looking ahead, the company anticipates a subdued building market in the near term but is poised to leverage its diversified portfolio for long-term opportunities.

Executive insights from Brickworks' leadership

Brickworks made substantial progress in its Oakdale West Estate, now one of the most valuable industrial property precincts in Australia. The development approval for Oakdale East Stage 2 Estate was secured, with construction beginning on a facility for Amazon. The company increased underlying EBITDA from its building products operations in Australia and North America despite challenging market conditions. The completion of a new advanced brick plant in Western Sydney and a plant rationalization program in North America were notable achievements.