Profit boost for Sisk owner from Polish road-building claim
Settlement of a claim for road-building contracts worth €14m to firm on once-off basis
Excluding the exceptional gain, the profit at company grew 20% to €12.6 million last year from €10.6 million in 2016. Photograph: iStock
A once-off €14 million gain related to the settlement of a claim for road-building contracts in Poland boosted profits at builder Sisk’s owner last year.
Turnover at Sicon, the holding company for Sisk and several associated businesses, fell by about 15 per cent to €943 million in 2017 from €1.1 billion the previous year.
Pretax profit more than doubled to €26.1 million last year, from €10.3 million in 2016, aided by a €14.2 million once-off gain.
It is understood that this stemmed from the settlement of a claim for a Polish road-building contract by the construction business.
Excluding the exceptional gain, the profit that the company’s businesses earned grew 20 per cent to €12.6 million last year from €10.6 million in 2016.
Sicon ended last year with net assets of €53.5 million, more than 50 per cent ahead of the €35.1 million recorded on December 31st, 2016.