SIAC Construction reported a 141 per cent increase in operating profit to €6 million. The company - which is building the Kilcock to Kinnegad motorway - also increased turnover last year by 10 per cent to €215 million, according to accounts filed in the Companies Office.
In a statement accompanying the results, SIAC chairman Mr Conleth Feighery described the winning of the public-private partnership contract to design, build and operate the 35 kilometre motorway as "a very important strategic development for SIAC both in terms of our participation in the construction of such a large infrastructural project and the equity opportunity on completion".
SIAC won the project with its joint venture partner Cintra, the Spanish group.
Mr Feighery also highlighted the relocation of vehicle distribution group OHM to the group's Baldonnel Business Park as a significant coup. Baldonnel will make a significant contribution to the company's rent roll which now exceeds €1.8 million and "provides the group with quality long-term earnings and substantially covers the interest cost on the groups net dent at year-end".
SIAC is also looking to have its land holdings at Clondalkin in west Dublin rezoned as part of the South Dublin County Development Plan Review.
Turnover, including shares in joint ventures, was €215 million compared to €194 million last year. Profit after tax was €4 million as against €564,000 last time. Retained profit carried forward at the end of 2002 was €14 million.
Civil engineering accounts for €112 million of turnover, with specialist building sub-contracting the next biggest contributor at €92 million. Ireland was the most important market, accounting for €145 million of turnover, with the remainder distributed between Britain and Europe.
Staff costs rose from €33.3 million to €37.6 million. The company's nine directors shared €1.25 million, of which €915,000 was remuneration rather than board fees. The bulk of this would have been shared by the four executive directors, including managing director Mr Finn Lyden. The other three executive directors are Mr Terence Ryan, Mr Henry Fogarty and Mr Sean McGettigan.
The dividend for the year was €900,000. The biggest shareholders in the company are the members of the Feighery family and a number of investment companies.
No dividend was paid in 2001. The notes to the accounts also disclose that the group incurred consultancy costs of €80,000 and had transactions amounting to €96,000 with certain shareholders and directors.
In addition Mr Lyden had an interest-free loan of €190,000 repayable by 2018. Net assets increased by 17 per cent to €27.2 million, some €1.7 million of the increase reflecting the inclusion for the first time of the value of the groups's investment properties in Cork and Portarlington which are worth €1.7 million.
