BESIX Watpac reveals a $24m profit in 2024 after two years of losses and eyes an Olympic boost
One of Australia’s biggest commercial builders has recorded an eight-figure profit after two consecutive losses as it eyes an order book of $3.5bn in 2026.
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After negotiating a period of challenging market conditions and on the back of a $3.5bn order book, BESIX Watpac recorded a net profit in 2024 after two years of losses and is aiming to increase its workload with an Olympic Games infrastructure wishlist.
Chief executive Mark Baker said the national builder’s $24m net profit in the calendar year arrived after negotiating a tough workbook and the “enormous cost escalation” which saw the Brisbane headquartered national contractor recording net losses of $9.8m in 2023 and $17.7m in 2022.
He said these challenging market conditions that arose in the Covid-19 period led to a strategic shift in thinking for the company - with projects across Australia and in New Zealand - to be more market pragmatic and adaptable.
“I think we executed those jobs really well and I’m pretty confident of having a good year in 2025,” he said.
“BESIX Watpac is also well positioned for the strong pipeline ahead – including the Brisbane 2032 Olympic and Paralympic Games – as well as opportunities across all operational regions and in current and emerging sectors.
“I won’t be specific but we would like to improve on our results this year and I am confident we will be successful and we will have the workbook and people to do it.”
BESIX Watpac was recently ranked Australia’s No.1 builder for 2024 by the BCI Construction League, based on the total value of projects converted last year.
The builder’s current projects include the $90m Thebarton Barracks Relocation Project in Adelaide, the $390m Bangaroo station in Sydney and the $120m redevelopment of the Geeling Football Club’s home at Kardinia Park.
Its largest project, the $650m fully covered One New Zealand Stadium at Te Kaha in Christchurch shodul be finished within 12 months.
According to its accounts, in the 12 months to the end of 2024 the company recorded a turnover of $1.2bn which was on par with the previous year. Its workbook soared from just under $1.5bn in 2023 to $3.5bn in 2024
The result was underpinned by strong cash reserves of $383.5m and bank guarantee and insurance bond issuing capacity of $400m at year-end.
Mr Baker believed the company’s workbook in 2025 will be on par with last year but should increase when the 2032 Olympic projects land in 2026.
He said BESIX Watpac was targeting the main stadium in Victoria Park, the aquatic centre, the Logan indoor sports centre and Barlow Park in Cairns.
“I think the workbook will swing largely on when that work comes to the market and if we’re successful in converting those projects that we’re targeting,” he said.
“There will be competition but I think there are only a few contractors that can actually deliver some of that more significant Olympic Games infrastructure particularly the Brisbane main stadium and the aquatic centre.
“They’re pretty specialised projects and if you don't have the local knowledge particularly with subcontractor relationships and stakeholder management that we have. In reality there are only a contractors who could actually execute the job, particularly with the time pressures.”
Mr Baker said there remained uncertainty over the US tariffs.
“The world market operates in an interesting way and you never know the negative impact of a US tariffs in particular with the supply chain,” he said.
“I won’t be specific but we would like to improve on our results this year and I am confident we would be successful and we will have the workbook and people to do it.”
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Originally published as BESIX Watpac reveals a $24m profit in 2024 after two years of losses and eyes an Olympic boost
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