While pre-tax profits at the firm rose slightly to £2.4 million in 2007, the company did not pay a dividend to its shareholders, according to new accounts lodged with the Companies Office in Northern Ireland.

A Sunday paper reported that Mivan had retained profits of £11.3 million and shareholders' funds of £15.7 million at the end of last year.

A specialist construction company, Mivan has offices in Europe, the US, the Middle East and the Far East.

Owned by businessman Ivan McCabrey, the company has worked in more than 40 countries over the past three decades, and once built a palace for Saddam Hussein, the former Iraqi dictator.

In a note to the accounts, the directors of Mivan said they were committed to "increasing the group's market share through a combination of organic growth, focused management and the identification of new opportunities".

While 2008 was likely to be very challenging, "early indicators lead the directors to expect another year of good progress".

The firm's recent projects range from the development of 20 houses in Comber, County Down, to the $20.6 million fit-out of the headquarters of Arcapita Bank in Bahrain. The firm recently fitted out cruise ships for the Holland America Line and is also working on the Museum of Islamic Arts in Doha, Qatar and the Atlantis Hotel in Dubai.

Mivan employed 359 people last year, down from 429 in 2006, and its staff costs fell by stg£1.5 million to stg£12.8 million. The five directors of the company shared emoluments of stg£703,000, including stg£281,000 paid to the highest paid director.

The executive directors of Mivan are McCabrey, civil engineer David McCall and Stephen Elliott. According to the accounts, Mivan last year won a £20.3 million contact for construction work for Crosslands Properties, which lists McCabrey and McCall as directors and shareholders.

Mivan has joint venture interests worth £58 million, which includes its 40 per cent stake of Mivan Depa LLC, which is based in Dubai. Joint ventures contributed £15 million of the firm's turnover and £1.6million of its profits last year.

McCabrey established Mivan in the late 1970s, and the firm originally worked as a subcontractor in Ireland before expanding overseas. Its work in Iraq in the 1980s included building flyovers, apartments, power stations, Saddam Hussein International Airport, and a 40 million euro palace.

The firm has also worked on a hospital in the Gaza Strip, a town in Thailand, the restoration of the Dome of the Rock in Jerusalem and several theme parks.