South African construction giant Aveng will spin off its Australia and New Zealand arm McConnell Dowell into a standalone company with $2.8 billion of revenue and examine listing on the ASX next year.

The Aveng group reported a 27 per cent increase in annual revenue to $3.1 billion on Tuesday, when it revealed plans to separate its two businesses, McConnell Dowell and Moolmans, a contract mining business in sub-Saharan Africa. It converted its reporting currency to Australian dollars from South African rand for 2023-24.