Shares in building materials group CRH jumped 4.5% today after it reported a 69% increase in pre-tax profits for 2016.
The company said it was seeing the full year benefit of a series of large acquisitions including LH Assets and CR Laurence.
CRH said its sales grew by 15% to €27.1 billion for the year to the end of December, on which it made a profit of €1.7 billion.
The company's board has recommended a final dividend of 46.2 cent per share, up from 44 cent in 2015.
This would give a total dividend of 65 cent for the year, an increase of 4% over last year's dividend of 62.5 cent.
CRH's chief executive Albert Manifold said the company had seen significant growth in the Americas, Europe and in Asia.
"We benefited from positive momentum in the Americas, and also in Europe, particularly in the Northern and Eastern regions where we operate," the CEO said.
"With our balanced portfolio of businesses, CRH is well positioned to capitalise on the ongoing economic recovery and we see continued growth for the Group in 2017," he added.
Looking ahead, CRH said that it continues to see positive momentum in the US construction sector.
"We anticipate that the funding stability provided by the FAST Act (which authorises moderate year-on-year increases in federal funding for highways), together with expected increases in state spending on transportation improvements, will result in a positive trend for volumes, particularly in the second half of the year," the company said.
CRH also said it anticipates that most countries in Europe will continue to experience the modest impact of early-stage economic recovery.
"While the UK's vote to leave the European Union, together with the forthcoming elections in a number of countries, has created a level of uncertainty for the medium-term, we expect progress to continue in 2017," it added.
CRH noted that while cement volumes grew by 18% in Ireland, domestic pricing in particular remained under pressure due to overcapacity in the market.
Breaking down its divisions, CRH said that operating profits at its "Europe Heavyside" unit soared by 194% to €397m while sales revenues increased 41% to €7.396 billion on a full year's trading and synergy benefits of acquisitions made in 2015.
CRH noted that while cement volumes grew by 18% in Ireland, domestic pricing in particular remained under pressure due to overcapacity in the market.
It also said that despite recent uncertainty in the UK construction market after Brexit, 2016 was a year of success for its tarmac division there.
Operating profits at its "Europe Lightside" division rose by 8% to €81m while sales revenues fell by 2% to €941m due to divestments. CRH said the division saw some strong performances in key markets combined with some favourable weather patterns in the first half of the year.
Sales revenues at the company's "Europe Distribution" division were also 2% lower at €4.066 billion while operating profits increased by 38% to €130m as it saw mixed market circumstances in its main markets.
CRH said that operating profits at its "Americas Materials" division grew by 32% to €818m while sales revenue was up 8% to €7.598 billion as residential and non-residential demand continued to improve.
Operating profits at the company's "Americas Distribution" division rose by 7% to €119m while sales revenue increased by 4% to €2.229 billion.
CRH said that sales revenues at its newly formed "Asia" division soared by 236% to €508m while the division saw an operating profit of €71m. The division was formed after the acquisition of the Philippines operations as part of the LH Assets deal in 2015.
CRH is the largest producer of asphalt and the third-largest producer of construction aggregates in the US.
The company is expected to benefit from US President Donald Trump's promise to boost infrastructure spending as a means to create jobs in the US.
Commenting on today's results, Investec analyst Gerard Moore said he estimates in a blue sky scenario that a $1 trilion stimulus plan in the US could boost CRH's earnings per share by 17%.
Shares in the company moved 4.5% higher in Dublin trade today to close at €33.30.
