Kentz sees profits increase by 37%

ENGINEERING group Kentz has announced solid financial results for 2007 with turnover and profits up significantly.

Following the announcement it said it is expects to complete a major acquisition this year at a cost of up to $100 million (€62.2m).

Its purpose is to move the group up the supply chain in the oil sector where it does most of its business.

Last year the group boosted profit before tax by 36.9%, to $34.3 million, from $25.1m in 2006 while sales increased 47.2%.

Last year was an exciting one with strong growth in all operations, said chief executive Hugh O’Donnell.

“The strongest growth for Kentz in 2007 occurred in the Middle East, with significant capital investments in both upstream and downstream projects in Qatar, Saudi Arabia, Kuwait and Abu Dhabi,” he said.

Kentz works with most of the major oil companies in the region, he said.