Kentz increases full-year dividend by 70%

KENTZ, the Clonmel-headquartered international construction and engineering services group, has increased its full-year dividend for shareholders by nearly 70% on the back of a strong 2010 performance, which saw pre-tax profits rise by 52% to $67.5 million (€48m).

Last year also saw Kentz — which has a significant presence in places like the Middle East and Australia — generate earnings per share of 40.66c (up by almost 54% on the previous year) and 50% higher group revenues of $1.06 billion. The full-year dividend per share figure of 10c was boosted by a second-half final dividend of 7c per share. The good performance was driven, in the main, by significant contract wins in the Middle East (Qatar and Iraq, in particular) and significant revenue growth in Australia; where the group is involved in three major LNG (liquefied natural gas) projects.

Indeed, Kentz’s management said that — as well as there being “no material impact” to the company’s current (or pipeline) projects from the ongoing unrest in the Middle East — Iraq (where it bought a 49% stake in local company, Dome General Contracting last year) is an area where it sees significant opportunity for investment.