Aveng Group,a Johannesburg Stock Exchange(JSE)-listed engineering and construction company with operations beyond borders of South Africa has reported positive outcomes on its latest results for the year ended on 30 June 2023.
The Group's revenue this year has reached R28,9 billion from R22,5 billion in a previous year and its subsidiaries McConnell Dowell and Moolmans contributed to this growth.
Within a reported period,the Group has recorded the operating loss of R1 060 million when compares to a previous year as the loss stood at R360 million.
The Group has succeeded to settle its South African legacy debt which stood at R3,3 billion in 2018 and the settlement of that debt was a part of its restructuring strategy plan,and that achievement marked a pivotal moment for the company in ensuring a sustainable capital structure and a platform for growth.
McConnell Dowell has recorded a positive growth of R26 billion(AUD2,2 billion) from R19 billion(AUD1,7 billion) and that makes up 90% of Group's revenue from continuing operations.
The Group's entities have work in hand that worth R52,2 billion which grew by R21,4 billion from the previous year.
McConnell Dowell has secured a R38 billion(AUD3,2 billion) of new work in hand and increased its work in hand by 40%,from R27,8 billion(AUD2,5 billion) at 30 June 2022 to R44,2 billion(AUD3,5 billion) on 30 June 2023.
Moolmans grew its work in hand significantly to R8,0 billion by 30 June 2023 and that happened after securing a R9,4 billion of new work,which is including a new five-year contract at Thsiphi e Ntle.
Aveng's subsidiary McConnell Dowell has 60 years of experience specialising in engineering and infrastructure solutions,operates mainly in Australia,New Zealand,and Pacific Islands and Southeast Asia region.
Meanwhile,Moolmans boast with more than 60 years of experience in the mining industry,and operates primarily in South Africa,explore other opportunities in the SADC and West Africa.