Petrofac, an oil and gas service provider, has reported that its full year revenues rose 33 per cent to US$5.8 billion from US$4.4 billion in 2010, which shows a strong performance in all its four reporting segments.
The group's net profit rose by 25 per cent to US$539.4 million and operating profit increased by 26.2 per cent to US$679.3 million (2010: US$538.5 million), showing a drop in operating margin of 11.7 per cent from 12.4 per cent in 2010. The decrease was due to disproportionately strong growth in the lower margin Offshore Projects & Operations reporting segment.
The group's backlog gives it an outstanding revenue visibility for the ECOM division for FY 2012 and it also sees a well-built bidding pipeline for its ECOM division for the FY 2012 and 2013. There are big prospects in its core markets in the Middle East, North Africa, the Commonwealth of Independent States, particularly the Caspian region, Europe and Asia Pacific.
Ayman Asfari, the group Chief Executive said: "I am very pleased to present another excellent set of results. 2011 has been an important year for us, with good operational performance across our portfolio of projects, the rolling out of Integrated Energy Services (IES) and positive initial progress in delivering our IES strategy. During the year we also set out our medium-term target of more than doubling our recurring 2010 Group earnings by 2015. The extensive pipeline of new bidding opportunities, our strong financial position together with our differentiated and competitive offering and proven track record in project execution increase our confidence in achieving that goal. In 2012, we expect to make further progress towards this ambition, with net profit expected to grow by at least 15%."
Petrofac proposed a final dividend of 37.20 cents (23.39 pence) per share, an increase of 24 percent and fully diluted earnings per share rose by 25 per cent to 157.13 cents from 126.09 cents in FY 2010, in line with the group's rise in profit for the year attributable to shareholders.
The group's robust financial performance, its differentiated and competitive offering and its proven track record in project execution give it increasing confidence in achieving its medium-term target of more than doubling its recurring 2010 group earnings by 2015.