Profits at builder SIAC treble to €2.5m
Turnover rose by 15%, with Irish builder expecting it to rise again this year
SIAC chief executive Martin Maher says the group expects turnover to increase again this year
Profits at builder SIAC trebled to €2.54 million last year, figures just released by the group show.
Accounts for SIAC’s ultimate parent, XTA Investments, show that turnover rose by close to 15 per cent last year to €55.6 million from €48.5 million in 2015.
Profits before tax came to €2.5 million in 2016, three times the €772,000 surplus that SIAC earned the previous year.
Commenting on the figures, chief executive Martin Maher said the group expected turnover to increase again this year. He noted that the board was pleased with the 2016 results.
A joint-venture between SIAC and French group Colas recently won a €110 million contract to build the M7 Naas-to-Newbridge bypass, the Osberstown interchange and Sallins bypass. Its roofing and cladding division is working on several large projects in the pharmaceutical and technology industries.
SIAC also expects its asphalt manufacturing and paving business to grow this year.
Last year the group established a new subsidiary, Dolcain Engineering, to focus on mechanical and electrical engineering projects.
XTA ended 2016 with net assets of €16 million, 50 per cent more than the €11.6 million it had 12 months earlier. It had €3.7 million in cash.
Its figures show that it employed 177 people in 2016, against 154 the previous year, and paid them more than €9.2 million. Its pension and welfare contributions were €1.2million.
SIAC is one of the longest established building and civil engineering contractors in the State. Its original shareholders the Feighery family, Mr Maher, French business Colas, and Ducales, controlled by Thomas and Francis Jennings, now own the group.
SIAC is one of a number of Irish and European companies taking legal action against the Polish authorities as a result of disputes over road-building contracts. XTA’s accounts note that it is not possible to predict the outcome of its litigation.
The difficulties encountered by the Irish group in Poland forced it to restructure almost four years ago.