FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011
FINANCIAL HIGHLIGHTS
· Revenue up 33% to US$5.8 billion (2010: US$4.4 billion)
· Net profit up 25% to US$539.4 million (2010: US$433.0 million)
· Earnings per share (diluted) up 25% to 157.13 cents (2010: 126.09 cents)
· Final dividend up 24% to 37.20 cents (23.39 pence) per share (2010: 30.00 cents)
· Backlog US$10.8 billion at 31 December 2011 (2010: US$11.7 billion)
· Net cash balances at 31 December 2011 of US$1.5 billion (31 December 2010: US$1.0 billion)
Ayman Asfari, Petrofac's Group Chief Executive commented on the final results:
"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%."
