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Petrofac's revenues surge by a third

Final results for 2011 show good performance across its portfolio


The engineering and construction contractor Petrofac has posted a net profit of $539.4m for the year ended 31 December 2011, up from $433m in 2010.

Group revenue increased by 33.2 per cent to $5.8bn (2010: $4.35bn), due to strong growth in the onshore engineering and construction, offshore projects and operations, engineering and consulting services and integrated energy services segments.

Group operating profit was $679.3m, a growth of 26.2 per cent year on year, while earnings before interest, tax, depreciation and amortisation increased 19.7 per cent to $759.4m (2010: $634.4m).

Fully diluted earnings per share increased to 157.13 cents per share in 2011 (2010: 126.09 cents).

Ayman Asfari, group CEO of Petrofac, 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,” added Asfari.

As of 31 December 2011, the company had a net cash balance of $1.5bn, compared to $1bn in 2010.

"In 2012, we expect to make further progress towards this ambition, with net profit expected to grow by at least 15 per cent,” concluded Asfari.