Our business model
Our diversified business model is designed to perform across market cycles. By combining construction with residential, commercial and investment property development, we balance risk, returns and capital efficiency over time.
A business model designed for resilience and performance
As a large multinational business operating across the value chain, we make the most of our financial and operational synergies. These allow us to deliver on our strategy and drive our business forward, generating value for our customers and shareholders. The breadth of our business across the value chain means we can perform in both strong and challenging markets.
Creating stable long-term returns
Our Construction business generates stable profits and positive cash flow. Together with external funding, we invest in Project Development and Investment Properties. This allows us to generate attractive returns on invested capital, and provide new contracts to the Construction stream, resulting in further profits. By growing Investment Properties, we increase the proportion of stable, cash flow-generating operations within the Group.
Why our model works
Presence across the full value chain strengthens insight and execution
Disciplined project selection and risk management protect margins
Capital is allocated to opportunities with the strongest long‑term value potential
Cash flow from construction supports investment across cycles