Kentz
42% of Irish firm’s revenues now flow from Middle East
Engineering firm Kentz reported a 52% rise in full-year profit driven along significantly by its Middle Eastern engineering activities.
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. In January this year Kentx won an EPC contract from Abu Dhabi Gas Industries (GASCO). The company will replace the existing emergency shutdown system and associated field instrumentation at two of GASCO’s plants.
Kentz chief executive, Dr Hugh O’Donnell, said that the company’s board was delighted to have been awarded the new project.
“The nature and criticality of this brownfield project has traditionally been a core competency of Kentz,” he said.
The project will take about 30 months to complete. Kentz has been operating in Abu Dhabi for nearly 30 years and has previously worked with GASCO on a number of projects. The value of Kentz’s work backlog, at the end of 2010, amounted to $1.6bn.
