Kentz profits up over 9%

Irish engineering company Kentz today reported a 9.2% rise in pre-tax profits to $44.5m (€32.9m) for the year to end December, 2009.

Revenue for the period was $704.7m (€521m), up 9.5% on the 2008 figure of $643m (€475m).

The total dividend payment for 2009 will be 6.0 US$ cents per share. The final dividend payment of 4.0 US$ cents per share represents two-thirds of the total payment for 2009 and is scheduled to be paid in June 2010.

“Despite the volatility in world markets during 2008 and 2009, Kentz has reported a solid performance and remains well positioned to continue to deliver strong growth in the coming year,” the company said in a statement.

Kentz’s backlog at the end of 2009 stood at $1.497bn (€1.107bn), an increase of 49.2% year-on-year.

“At the end of January 2010 the backlog stood at $1,564.8m, the largest in the company’s history, and the pipeline of target prospects was in excess of $2.95bn,” said CEO Hugh O’Donnell.

“Our strategy of focusing on oil and gas, petrochemicals and energy projects in developing regions has been highly successful, and we continue to build on the strong foundations in our core markets. In addition, we have seen a significant increase in our metals and mining business in Southern Africa and Australia, which we expect to continue in the long term.”

The company, which operates primarily in the oil and gas, petrochemical and mining and metals sectors, has over 10,000 employees in 26 countries, including over 400 Irish staff.

It is currently involved in some of the largest and most prestigious projects in the world, including the Gorgon LNG project in Australia; the Shell Pearl GTL in Qatar; the development of the Jubail II infrastructure in Saudi Arabia; the Sakhalin 1 and 2 developments in Far East Russia; and the 4800MW Eskom Medupi Power Station in South Africa.