Costain West Africa Plc, a front runner in the construction industry, is targeting N100billion profit next year.

Disclosing this at a press conference in Lagos, the Managing Director, Constain West Africa, Mr. Ayodeji Karim, said there would be major improvement in the performance of the company in the coming year; adding that N100 billion profit is being targeted for next year.

He added that direct foreign investment would increase to $25billion by next year.

Karim said in view of its spectacular performance last year, and the huge volume of funds that accrued to it following the public offer, investors are looking forward to a highly improved turnover.

He said the construction giant is hoping to draw considerable revenue from various infrastructure projects, for which contracts had been awarded.

"Costain has already commenced work on some of the contracts which would significantly improve its fortunes.

In addition to the jobs already signed on, Costain is banking on a number of other deals expected to yield considerable revenue to the company’s coffers.

"Costain is now well positioned to enhance the implementation of its services that would be rendered to the delight of its numerous clients.

"We are very excited to be a part of an institution that has been instrumental in building Nigeria. It is our vision to take Costain West Africa to another level by bringing to the table innovations designed to revolutionise the future of the construction industry not only in Nigeria but beyond," Karim said.

The company, according to him, is now fully on stream with the coming of Shoreline Energy International as a core investor, describing it as a boost to the business.

"We have lately been successful in securing new contracts and we are determined to execute them and on time", he said.

He added that the confidence of clients and banks has been restored, saying "the time is ripe to capitalise on that and build on the strong brand name of Costain in Nigeria".

The company is presently working on the much awaited nationwide rehabilitation of the Nigerian Railway Corporation tracks.

The company, which was awarded the project for the Jebba-Kano phase of the rehabilitation in the last quarter of last year, has been mobilised to sites with its engineers, technicians and other workmen.

According to Karim, the on-going nationwide rehabilitation of the corporation’s rail tracks, telecommunication facilities is expected to be completed within a period of months.

The track rehabilitation is expected to enhance the signals and telecommunications as well as the carriage/wagon departments where signalling facilities are undergoing wholesome rehabilitation to give strength to train operations.

Costain (West Africa) Plc is involved in building and civil engineering, open-cast mining, dredging and other construction related activities worldwide.

It engages in building various infrastructure projects, such as roads, bridges, dams, railways and airports; designing and constructing durable and functional buildings; and producing furniture and joinery for buildings, residential complexes, and offices. The company was incorporated in 1948 and is headquartered in Lagos.

Costain West Africa PLC has been in Nigeria since 1948 and became a Public Limited Liability company in 1974. They have a long history of handling prestigious projects in the public and private sectors within Nigeria and West Africa. The company is renowned for the construction of several notable buildings including the tallest building in Nigeria which is the NITEL building located in Marina; Ashaka Cement Company; Central Bank of Nigeria buildings in Lagos and Sokoto and most recently the Tamburawa Water Treatment Works in Kano State.