International engineering company Kentz Corporation has reported pre-tax profits of $40.7m for the year to December 2008, up 18.7% from the previous year.
Revenues at the firm rose by 18.1% to $643.3m from $544.6m and the firm said it was well positioned to deliver strong growth in 2009 despite the challenges presented by the poor state of the global economy.
The firm says it remains relatively well insulated from the fall in oil prices as its key regional market - the Middle East - has some of the lowest production costs in the world.
Kentz says its pipeline of prospects for new work is currently worth over $2.15 billion and it said it entered 2009 with a backlog of over $1 billion - the largest in its history.
Kentz' clients are mainly in the oil, gas and mining sectors and it operates in some of the most remote locations on earth. Its main activities are the provision of mechanical, electrical, controls and instrumentation engineering, construction and management services.
