Petrofac increases full year 2012 dividend by 17%

DividendMax Ltd.

Petrofac increases full year 2012 dividend by 17%


Revenue up 9% to US$6.3 billion (2011: US$5.8 billion)

Net profit up 17% to US$632 million (2011: US$540 million)

Earnings per share (diluted) up 17% to 183.88 cents (2011: 157.13 cents)

Final dividend of 43.00 cents (28.40 pence) per share (2011: 37.20 cents); full year dividend up 17% to 64.00 cents per share (2011: 54.60 cents)

Backlog up 9% to US$11.8 billion at 31 December 2012 (2011: US$10.8 billion)

Ayman Asfari, Petrofac's Group Chief Executivecommented on the final results:

"We have delivered another year of strong financial results and good operational performance. Our portfolio of existing projects is in excellent shape, which we expect will help us to maintain our sector-leading onshore margins, and we see many new and attractive opportunities across our business.  

"Petrofac has a clear strategy for long-term sustainable growth based on three key drivers: expanding our existing business into new geographies; developing our leading EPC offering offshore; and delivering on our plans for Integrated Energy Services. To achieve this we have continued to build our capability and strengthen the team across the Group. We are expanding in new markets, such as Mexico, where we now have four long-term contracts; we have laid out a clear plan to progress our offshore strategy; and we have achieved significant milestones on our portfolio of Integrated Energy Services projects, which are building long-term sustainable earnings for the Group.

"I am excited and confident about our prospects for the coming year and beyond. We expect to deliver good growth in net profit in 2013 and our strategy underpins long-term earnings growth, including the achievement of our 2015 earnings target."

Companies mentioned