Hiap Seng Engineering, the specialist integrated engineering group for the global oil-and-gas, petrochemical and pharmaceutical industries, has announced a 142.9% surge in net profit attributable to shareholders to $31.5 million for the full year ended March 31, 2010 (FY2010). This was achieved on the back of a 12.4% increase in revenue to $252.1 million.

Hiap Seng says the net profit increase was also due to better margins and the absence of any provision for doubtful debts for FY2010. Share of associated companies also achieved a profit of $0.8 million for FY2010 compared to a loss of $1.2 million for FY2009.

For 4QFY2010, net profit attributable to shareholders rose 98.4% to $8.1 million on the back of a 11.7% increase in revenue to $57.4 million, resulting from the completion of numerous projects as well as higher profit margins from cost efficiencies and improved productivity.

As at March 31 2010, the group was in a net cash position with cash and cash equivalents of $17.7 million ($25.7 million as at March 31, 2009). However, a substantial amount of the trade receivables had been received subsequent to the financial year end.

Hiap Seng is proposing a final dividend of 3 cents per share to be paid on August 27.