Kentz Corporation Limited, which has a major facility at Gurtnafleur, Clonmel, Co Tipperary, Ireland supplies equipment to some of the world's largest mining projects, and said profit rose as demand for projects in countries such as Iraq, Oman and Syria increased.
Revenue in 2009 increased by 9.5% to US$704.7m and profit before tax in 2009 increased by 9.2% to US$44.5m while the profit before tax margin was maintained at 6.3%, in line with 2008.
Earnings per share jumped 5.5% to 26.4c while the company's cash balance jumped 16.7% to $180.3m.
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The company's orders' backlog at the end of 2009 increased by 49.2% to $1.5bn. The company, which is listed in London, said its strategy of focusing on oil and gas projects in developing regions has been highly successful and helped it to expand despite the slumping world economy.
Kentz said it had seen a significant increase in its metals and mining business in southern Africa and Australia.
"Projects in remote global locations are those where Kentz's experience can add real value to clients," Chief Executive Hugh O'Donnell said yesterday.
The engineering company, whose customers include Exxon Mobil and Royal Dutch Shell, said current projects will keep it busy for more than two years.
"Our current backlog is at $1.5bn, and for that we've got visibility of about two-and-a- half years," Mr O'Donnell said.
Mr O'Donnell said the company may use part of its $180m cash balance to buy companies as Kentz expands in the Middle East and develops technology for oil and gas extraction. Energy producers are stepping up investments after the price of oil gained more than 50pc in the past year.
Kentz's biggest projects include liquefied natural gas development in Australia, the Sakhalin fields in Russia and engineering contracts in Yemen and Qatar.
(BmCC/GK)
