Petrofac's Revenues Jump 49% at Quarter's End
Petrofac Limited has announced its interim results for the six months ended June 30, 2008.
- Revenue up 49% to US $1,576 million (2007: US $1,057 million).
- EBITDA(1) up 31% to US $179.2 million (2007: US $137.3 million).
- Net profit(2) up 57% to US $121.2 million (2007: US $77.2 million).
- Engineering & Construction net profit of US $99.2 million, up 81%.
- Operations Services net profit of US $12.1 million, up 10%.
- Energy Developments net profit of US $16.3 million, up 3%.
- First half order intake(3) of US $1.7 billion (2007: US $0.6 billion) with backlog(4) of US $4.8 billion at June 30, 2008 (31 December 2007: US$4.4 billion).
- Earnings per share (diluted) up 57% to 35.13 cents (2007: 22.36 cents)
- Interim dividend up 53% to 7.50 cents (4.09 pence(5)) per share (2007: 4.90 cents)
Commenting on the results, Ayman Asfari, Petrofac's Group Chief Executive, said, "Following continued excellent operational performance, I am very pleased to be able to report that Petrofac has continued to perform strongly in the first half of 2008.
"Notwithstanding recent reductions in forecast short-term global economic growth prospects, the broad environment in which the group operates remains underpinned by long-term factors and demand for our services continues to be very strong. We expect to see significant investment in new and replacement production capacity by our customers, particularly in our core markets.
"Our bidding pipeline, particularly in the Engineering & Construction division, remains healthy. We are currently bidding on several major projects with a combined value in excess of US $10 billion, which are scheduled to be awarded in the coming months and we are anticipating that our year end backlog will show good year-on-year growth. Our bidding pipeline for next year is looking even healthier.
"With continued strong demand for our services and a positive outlook for new project awards, we are confident that the group is well positioned to deliver 2008 results towards the top end of market expectations* and strong growth over the medium-term."
* The current market expectations for Petrofac's net profit for the year ending December 31, 2008, referred to earlier in this announcement, are based on forecasts provided to Petrofac by 13 equity analysts. The range of those forecasts is from US $228.0 million to US $262.0 million.
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