Petrofac delivers record numbers

8th Mar 2010 07:03

Oil fabrications giant Petrofac made a bit more than expected last year, with after tax profit up 37%, and hiked the dividend by an impressive 41%.Profit after tax jumped to $363m from $265m in 2008, slightly better than expected, while the pre-tax figure rose 25% to $447.5m. Revenue increased by 10% to $3.65bn.The company, which last week announced plans to demerge its UK Continental Shelf assets into a new company, also reported 34% growth in EBITDA to $559m and net profit up 33% to $353.6m.There was record order intake of $7.3bn, up from $2.9bn the year before, while an order backlog of $8.1bn, versus $4bn last time, was towards the top end of forecasts."Overall, 2009 was another excellent year. We have delivered record results and a record order intake, which gives us outstanding revenue visibility for the current year and beyond," said chief executive Ayman Asfari. "Through our differentiated and competitive offering, we remain well-positioned to benefit from ongoing investment in oil & gas projects by our key customers in our core markets, which we believe will underpin strong growth in our business in 2010 and over the medium-term."The final dividend rises to 25.1 cents (16.69p) a share, taking the full-year payout to 35.8 cents (25.4p).