Petrofac Limited, a leading international provider of facilities solutions to the oil & gas production and processing industry, today announced its final results for the year ended 31 December 2010.
FINANCIAL HIGHLIGHTS
• Net profit up 58% to US$557.8 million (2009: US$353.6 million); net profit up 26% on a like-for-like basis
• Earnings per share (diluted) up 57% to 162.46 cents (2009: 103.19 cents)
• Revenue up 19% to US$4.4 billion (2009: US$3.7 billion)
• Year-end backlog up 45% at US$11.7 billion (2009: US$8.1 billion)
• Final dividend 30.00 cents (18.42 pence); full year dividend up 22% to 43.80 cents (2009: 35.80 cents)
• As part of the EnQuest demerger in April 2010, distribution of one EnQuest share for every Petrofac share with a fair value of 160.08 cents per share
• Gross cash balances at 31 December 2010 of US$1.1 billion (2009: US$1.4 billion), augmented by receipt of US$0.7 billion of cash advances in January 2011
• Medium-term Engineering & Construction net margin guidance raised 100 bps
Commenting on the outlook, Ayman Asfari, Petrofac’s group chief executive, said:
“I am delighted to present another excellent set of results. 2010 has been an exceptional year for us, with a record intake of new orders, which gives us outstanding revenue visibility and brings exciting opportunities for us to develop our capability and to deliver it into new markets.
“With this strong financial underpinning, our differentiated and competitive offering and our proven excellence in project execution, we are confident that we will continue to deliver superior value for our customers and sector-leading returns for our shareholders, with like-for-like net profit growth in 2011 of at least 15%.”
[mappress]
Source: Petrofac, March 7, 2011;