Full year revenue up nine per cent at Petrofac

Revenue rose nine per cent at FTSE 100-listed oilfield service company Petrofac in the year ended December 31st.

Revenue rose nine per cent at FTSE 100-listed oilfield service company Petrofac in the year ended December 31st.

The company reported that its revenue rose to $6.3bn from $5.8bn a year earlier while net profit rose 17% to $632m from $540m in 2011.

Earnings per share (diluted) increased by 17% to 183.88 cents. This compared to 157.13 cents in 2011.

The final dividend was 43.00 cents per share compared to 37.20 cents per share in 2011 and the full year dividend was up 17% to 64.00 cents per share.

Ayman Asfari, Group Chief Executive Officer of Petrofac, said: "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."

Asfari added: "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."

MF

Recommended

Should you buy Vodafone shares, or steer clear?
Share tips

Should you buy Vodafone shares, or steer clear?

Vodafone grew revenue by 4% and profit by 11% last year, and offers investors a 6.4% dividend yield. So should you buy Vodafone shares? Rupert Hargrea…
17 May 2022
Melrose Industries: a British manufacturer that is well-placed for recovery
Share tips

Melrose Industries: a British manufacturer that is well-placed for recovery

Melrose, the aerospace and automotive manufacturer, has been hit by the pandemic, but the shares are unduly cheap says David J Stevenson.
17 May 2022
Avoid easyJet shares – there are better airlines to invest in
Share tips

Avoid easyJet shares – there are better airlines to invest in

EasyJet used to be one of Europe’s most impressive airlines. But now it is facing challenges on all fronts and losing out to the competition. Rupert …
16 May 2022
Britain’s ten most-hated shares – w/e 13 May
Stocks and shares

Britain’s ten most-hated shares – w/e 13 May

Rupert Hargreaves looks at Britain's ten-most hated shares, and what short-sellers are looking right now.
16 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
Is the oil market heading for a supply glut?
Oil

Is the oil market heading for a supply glut?

Many people assume that the high oil price is here to stay – and could well go higher. But we’ve been here before, says Max King. History suggests tha…
16 May 2022
High inflation will fade – here’s why
Inflation

High inflation will fade – here’s why

Many people expect high inflation to persist for a long time. But that might not be true, says Max King. Inflation may fall faster than expected – and…
13 May 2022