Engineering firm Kentz today reported a 52% rise in full-year profit driven by strong growth in the Australasia region, beating market expectations.
The company raised its full-year dividend to 10 cents a share and said it was trading in line with expectations.
Kentz, which gets about 42% of its revenue from the Middle East, said there had been no material impact on any of its projects due to the political unrest in the region. Pre-tax profit rose to $67.5m in 2010 from $44.5m the previous year.
Revenue jumped 50% to $1.06 billion. Sales from Australasia jumped to $207.4m from $1.6m, helped by a surge in LNG projects in the region.
Kentz, whose customers include Chevron, Royal Dutch Shell, BP and Exxon Mobil said today that it planned to grow through acquisitions.
