Murray & Roberts, as we know it, is no more
Murray & Roberts: A victim or villain?
When did the bottom fall out and what exactly led to Murray & Roberts’ decision to sell its renowned infrastructure and building businesses and opt instead for a new strategy focused on global natural resources markets?
It’s been a torrid decade for JSE-listed construction and engineering giant Murray & Roberts. Since 2007, the SA icon has posted some big profits — but then tumbled into huge losses. And while there have been signs of a recovery in the construction sector, the sad reality is that even in the past three years, the company’s turnover from its remaining business has plunged 24% from R34.6bn to R26.1bn in its past financial year. Its portfolio includes such landmarks as the Carlton Centre in Johannesburg (still Africa’s tallest building); the Koeberg nuclear power station; the Gautrain; Cape Town’s Greenpoint stadium; the gigantic Gorgon natural gas platform in Australia and perhaps most recognisable of all, the luxury sail-shaped Burj al Arab hotel in Dubai.But the iconic company that carried SA’s construction reputation across the world is now no more. M&R still exists, but it’s been radically overhauled — a victim of the immense value destruction in the construction and engineering i...
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