Boral shares have surged as much as 8% to a peak of A$4.72, the highest since February 27, 2018.

The cement products manufacturer anticipates FY24 EBIT between A$270 million and A$300 million, a significant rise from A$231.5 million in FY23.

In FY23, the company’s net profit, excluding notable items from continuing operations, quadrupled to A$142.7 million.

According to Jefferies, considering the robust A$190 billion Australian construction pipeline, Boral is predicted to achieve or exceed the upper end of the FY24 EBIT range.

Ranking as the second-biggest gainer in the ASX 200 benchmark index, the company’s stock has escalated by 51.2% year-to-date, based on the last close.

Boral is a leading manufacturer of building and construction materials in Australia.