Yongnam Holdings, the structural steel contractor and specialist civil engineering solutions provider, announced a record profit before tax of $48.8 million for its full year ended December 31, 2009 (FY2009) on the back of a marginal 2.7% increase in revenue to $346.8 million. Yongnam says this is the fourth straight year of record performance since FY2006.
Gross profit rose 18% to $80.4 million compared to $68.1 million in FY2008 but 4Q gross profit was dented by cost overruns and stoppages at the Dubai Metro Rail project which was substantially completed by the end of FY2009.
