OKP Holdings, the homegrown infrastructure and civil engineering company, says it registered a net profit after tax and minority interest of $14.4 million for the full financial year ended 31 December 2009, up 52% from the $9.5 million it made in the preceding year. This came on the back of a record revenue of $130 million, an increase of 28% from $101.8 million in financial year ended 31 December 2008.

Profit before income tax was $17.1 million, up 40% from the $12.2 million it recorded previously. This was due mainly to an increase in gross profit of $2.1 million and other income of $0.6 million coupled with a fall in administrative expenses of $2.0 million, other expenses of $0.2 million and finance costs of $0.01 million. Earnings per share for the year rose to 6.06 cents, from 4.21 cents, in the previous year.

OKP says the group’s overall performance was largely driven by its construction segment which continued to account for the lion’s share, or 76%, of total revenue. The segment saw revenue of $98.2 million, up 39% from $70.9 million it achieved previously. This was attributable to the higher percentage of revenue recognised from a few construction projects which were in full swing as well as revenue from some new projects secured during fiscal 2009.

Revenue from the group’s maintenance segment remained relatively stable at S$31.8 million, up 3% against the $30.9 million it earned in the year before.

The board of firectors has proposed a one-tier tax exempt first and final dividend of 2.0 cents per share and special dividend of 1.0 cent per share payable on 27 May 2010 to shareholders. This works out to a dividend yield of 6.1% based on today’s closing share price of 49.0 cents and dividend payout ratio of 49.5%

OKP says the group’s financials remain in strong shape. Its assets totalled $122.3 million and net tangible assets were $57.2 million giving a net tangible asset per share of 23.14 cents per share, compared with 25.64 cents per share as at 31 December 2008.

For the 12 months to 31 December 2009, OKP generated a net cash flow of $44.6 million from its operating activities, up from $15.8 million it earned in the preceding year, with cash and cash equivalents of $72.2 million against $29.9 million it recorded previously, a steep rise of 141%. This worked out to cash of 29.2 cents per share as at 31 December 2009 compared with 20.0 cents per share as at 31 December 2008.

As at Feb 25, the group has a healthy construction gross order book which stands at $266.6 million based on secured contracts, with projects lasting up to financial year ending 31 December 2011.