Jones Engineering paid a dividend of 47 million euros before the sale

Jones Engineering paid a dividend of €47.15 million last year on a record year for sales for the group.

The 2021 dividend payout comes ahead of the company’s sale to US-based Cathexis Holdings this summer in a deal believed to be worth more than €1 billion.

New accounts show Jones Engineering Holdings Ltd and its subsidiaries posted a pre-tax profit of 48.6 million euros last year, as revenue rose 26 per cent – or 189.2 million euros – from 726.6 million euros to 915, 88 million euros rose.

Last year’s pre-tax profit of 48.6 million euros was 21 percent below the 2020 pre-tax profit of 59.85 million euros.

Last year’s dividend payout of EUR 47.15 million was followed by a dividend payout of EUR 35.5 million in 2020.

Prior to the closing of the transaction on September 30, Group Chairman Eric Kinsella owned a 63.7 percent stake in the company and Chief Executive Jim Curley owned a 27.3 percent stake in the company.

As part of the deal, the two men left the company and both resigned as directors on September 30 when the deal closed, allowing Cathexis, led by Texas billionaire William Harrison, to take full control.

Jones Engineering is a global company focused on large scale infrastructure projects in the pharmaceutical, healthcare, IT and data center industries, with about half of its revenues generated overseas.

On the performance in 2021, the directors state that they are satisfied with the group.

On future developments of the Company, the Directors state that they intend to continue developing existing business opportunities with an increasing focus on opportunities outside of Ireland.

The number of employees rose last year by 230 from 1,992 to 2,131 as personnel costs increased from €138.13 million to €161.48 million. Management Board remuneration fell significantly from €4.95 million to €1.1 million

The dividend payment last year reduced the balance sheet profit to €114.96 million. The Group’s cash and cash equivalents increased from €106.89 million to €172.17 million.

Directors state that the Group is exposed to inflationary pressures related to macroeconomic conditions and that management is confident that inflationary risks on projects are adequately managed.

Last year, the group recorded a profit after tax of €41.6 million after paying corporate income tax of €6.97 million.

Prior to the sale, Jones Engineering was managed by just three people in its 132 year history, with Mr. Kinsella leading the group since 1993.

The net income includes combined non-cash depreciation and impairments in the amount of €3.3 million.

https://www.independent.ie/business/irish/jones-engineering-paid-out-47m-dividend-before-sale-42128690.html Jones Engineering paid a dividend of 47 million euros before the sale

Fry Electronics Team

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