PROFITS AT building group Siac topped €5 million last year, mainly as a consequence of foreign contracts.
The company said yesterday that turnover fell by more than 20 per cent to €204 million in 2010 from €282 million in 2009.
Profit before tax rose to €5.2 million from €5 million, a result with which Siac chairman Ciarán Feighery said the group was pleased, given the prevailing economic conditions.
Net assets had increased slightly by the end of the year to €47.1 million from €46.5 million. Net cash balances were €25.2 million, up from €20.6 million.
“While there has been a large decline in construction in Ireland, the group has opened up new markets in Poland, Belgium and Canada,” Siac said.
The group now expects activity and turnover to increase this year as a result of contributions from foreign markets.
Its civil engineering arm is working on the construction of a 35km (22 mile) motorway from Kryz to Debica in Poland.
The contract, shared with a local operator PBG, is worth about €360 million and is expected to complete next year.
Brussels has been providing finance to Poland and other eastern European countries to develop their infrastructure. Moreover, the region is also improving communications ahead of next year’s European football championship finals.
Siac has also secured contracts associated with next year’s London Olympics. These include a revamp of paving, lighting and drainage in Leicester Square, one of the capital’s best-known landmarks.
In the Republic, the National Roads Authority recently awarded Siac the contract for the N25 Bandon Road-Sarsfield Road link in Cork. It also expects to have completed three waste-water treatment works by the end of this year.
In Dublin, it has been working on access roads and other services for the Thornton Hall prison site and the group is also diversifying into the alternative energy business. Demand is growing in this area and Siac has a specific division devoted to meeting this with offices in Ireland and Britain.
It also has offices in Belgium and Canada and says prospects in both countries look promising.
Siac is one of the biggest building contracting businesses in the State. Other high-profile projects with which it has been associated include the Aviva Stadium and the regeneration of Armagh town centre.
