Petrofac (PFC) - which builds oil and gas infrastructure and invests in oil field assets - rewarded shareholders with a hefty dividend hike after a strong operating performance during the year. Indeed, the group boosted net profit by 17 per cent to $632m (£418m), while a 9 per cent rise in the order backlog augers well for continued progress towards the group's 2015 net profit target of $862m.
Increased activity at the group's onshore engineering and construction division helped revenue there rise 5 per cent to $4.36bn - although the unit's cash profit margin did contract slightly due to higher bid costs, while staff numbers are also on the rise. Moreover, the integrated energy services division boosted revenues by 39 per cent to $719m, with profit up from $53m to $133m - buoyed by the impact of the group's Berantai contract in Malaysia and the sale of a 75 per cent interest in a North Sea floating production facility to Ithaca and Dyas BV. Prospects for the division have also been enhanced due to the commencement of the Magallanes and Santuario production enhancement contracts in Mexico.
Prior to these results, broker Natixis was forecasting adjusted EPS of 130.8p (121.8p in 2012).
| PETROFAC (PFC) | ||||
|---|---|---|---|---|
| ORD PRICE: | 1,535p | MARKET VALUE: | £5.3bn | |
| TOUCH: | 1,534-1,537p | 12-MONTH HIGH: | 1,784p | LOW: 1,324p |
| DIVIDEND YIELD: | 2.8% | PE RATIO: | 12 | |
| NET ASSET VALUE: | 448¢* | NET CASH: | $265m | |
| Year to 31 Dec | Turnover ($bn) | Pre-tax profit ($m) | Earnings per share (¢) | Dividend per share (¢) |
|---|---|---|---|---|
| 2008 | 3.33 | 358 | 78 | 25.4 |
| 2009 | 3.66 | 438 | 105 | 35.8 |
| 2010 | 4.35 | 668 | 165 | 43.8 |
| 2011 | 5.80 | 681 | 159 | 54.6 |
| 2012 | 6.32 | 765 | 186 | 64.0 |
| % change | +9 | +12 | +17 | +17 |
Ex-div: 17 Apr Payment: 24 May *Includes intangible assets of $432m, or 125¢ a share £1=$1.51 | ||||
