Murray & Roberts (MUR) 1H22 – Results Snapshot

Diluted HEPS from continuing operations 29cps (+463% y-y), however still lagging its pre-Covid 1H20 diluted HEPS of 49cps. Revenue grew by 23% y-y to R13bn, driven by a strong performance by the Energy, Resources & Infrastructure division. GPM improved by 30bps to 8.8%. OPM increased from 1.1% to 2.6%. Expenses well controlled, a marginal rise from R1 023m to R1 076m. Expense to sales fell 140bps to 8.3%. No dividend declared. Gross debt -8.4% y-y to R1.7bn. Order book value of R61.1bn, aided by the 24% y-y increase in the Mining order book, while Energy, Resources & Infrastructure order book contracted by -9% y-y. Near orders have declined by -35.7% y-y to R12.8bn.