Seven Group boss Ryan Stokes says coal miners are ordering new machinery fleets in a sign of confidence they can be part of the global energy mix for years to come.
Seven Group boss Ryan Stokes has backed coal to be part of the global energy mix for years to come despite it facing mine approval barriers in Australia.
Seven Group reported full-year net profit after tax of $607.4 million, down 4.3 per cent from last year, with the result impacted by impairments and transaction costs associated with its Boral takeover.WesTrac contributed almost half of the diversified conglomerate’s revenue from continuing operations, which jumped 65 per cent to a combined $8.01 billion.
He said the performance of the core Boral business in Australia and revenue growth in the face of lockdowns, weather disruptions and energy price rises showed the potential of its domestic assets.
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