Petrofac increases 2013 full year dividend by 3% in $ terms

DividendMax Ltd.

Petrofac increases 2013 full year dividend by 3% in $ terms


Revenue up 1% to US$6.3 billion (2012 restated: US$6.2 billion)

EBITDA up 17% to US$1,031 million (2012 restated: US$883 million)

Net profit up 3% to US$650 million (2012: US$632 million)

Earnings per share (diluted) up 3% to 189.10 cents (2012: 183.88 cents)

Full year dividend up 3% to 65.80 cents per share (2012: 64.00 cents); final dividend of 43.80 cents (26.25 pence) per share (2012: 43.00 cents)

Backlog up 27% to the record level of US$15.0 billion at 31 December 2013 (2012: US$11.8 billion)

US$3 billion of new awards in the year to date, which, together with our opening backlog position, gives us good revenue visibility for 2014 and beyond

Net debt position of US$0.7 billion at 31 December 2013 (2012: US$0.2 billion net cash)

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

"Having delivered modest earnings growth and good operational performance in 2013, we begin 2014 in an encouraging position with record backlog, a project portfolio in excellent shape, a strong bidding pipeline and US$3 billion of new awards already secured in the year to date.

"We see significant long-term growth potential for Petrofac and the depth of capability, skills and talent across the Group gives me confidence that we will continue to build on our proven track record this year and beyond. In line with our previous guidance, we expect flat to modest growth in net profit in 2014 and remain confident of a return to strong earnings growth in 2015."

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