04:34 PM EST, 03/05/2024 (MT Newswires) -- Aecon Group (ARE.TO) on Tuesday said its fourth-quarter profit fell 51% on lower revenue, even as it raised its dividend by 2.7%.
The construction and engineering company said it earned C$9.7 million, or C$0.15 per share, in the period, down from C$19.7 million, or C$0.26, in the year-prior quarter.
Revenue fell 11% to C$1.13 billion from C$1.27 billion, while its order backlog stood at C$6.16 billion at the end of December, down from C$6.3 billion a year earlier.
"Demand for Aecon's services across Canada continues to be strong, and we are strategically focused on embracing new opportunities to grow in the decarbonization and energy transition space, as well as U.S. and international market," chief executive Jean-Louis Servranckx said in a release.
The company is raising its quarterly dividend to C$0.19 per share from C$0.185, with the first higher payout made April 2 to shareholders of record on March 22.
Aecon said it expects 2024 revenue to be affected by the completion of some large projects in 2023 but did not offer a specific target.
The company's shares closed down C$0.19 to C$14.53 on the Toronto Stock Exchange.