PETROFAC LIMITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2012
FINANCIAL HIGHLIGHTS
- Revenue up 20% to US$3.2 billion (2011: US$2.7 billion)
- Net profit up 32% to US$325.3 million (2011: US$246.3 million)
- Earnings per share (diluted) up 32% to 94.82 cents (2011: 71.84 cents)
- Interim dividend up 21% to 21.00 cents (13.45 pence) per share (2011: 17.40 cents)
- Backlog at 30 June 2012 of US$8.9 billion (31 December 2011: US$10.8 billion; 30 June 2011: US$11.4 billion); in addition we secured US$1.5 billion of awards that were pending contract signature at 30 June 2012 and were not included in backlog
- Net cash balances at 30 June 2012 of US$0.8 billion (31 December 2011: US$1.5 billion)
Ayman Asfari, Petrofac's Group Chief Executivecommented on the interim results:
"We have delivered good operational and financial performance in the first half of the year and remain on course to deliver net profit growth in 2012 of at least 15%.
"Our strategy for future growth is based on three key drivers: geographical expansion; broadening our offshore engineering, procurement and construction capability; and implementing our Integrated Energy Services strategy. As previously indicated, over the past few months we have seen delays in certain contract tender processes with a number of anticipated awards moving from 2012 into 2013. Whilst these delays impact the expected level of 2012 new orders for Onshore Engineering & Construction, we continue to expect our strategy to deliver earnings growth in 2013 and beyond.
"As a result, we remain confident of achieving our target of more than doubling our recurring Group 2010 earnings by 2015."
