Profits up 32% at Kentz

Engineering group reports jump in profits as demand rises

 

Global engineering group Kentz has reported a 32 per cent rise in profit before tax to $104.8 million(€80.7mn), as demand for its services from the oil and gas industry continues to grow.

The company, which provides engineering, construction and technical support services and was formed in Clonmel, Co Tipperary in 1919, saw revenues rise by 6 per cent to $1.56 billion, and earnings before interest, taxes, depreciation and amortisation advance by 22 per cent to $118.5 million.

Christian Brown, chief executive officer of Kentz said that the group had ended 2012 “with confidence”.

“The past twelve months has been another successful period for Kentz where we have continued to expand our operations, develop new client relationships and provide services for some of the world's largest and most prestigious projects,” he said.

The group has just won two new contracts in Canada; a telecommunications contract with Suncor for the Fort Hills Oil Sands Project, and a commissioning agreement with Imperial Oil Resources Ventures Limited for services in the Athabasca oil sands which will run until 2016. It has contracts $2.73 billion on its books, up by 6 per cent from December 2012.

The engineering group has proposed a final dividend of 9.0 cent per share and a total 2012 dividend payment of 14.5 cent per share, up 18 per cent on 2011.