Oil and gas services provider Petrofac Ltd. (PFC.L,POFCY.PK,POFCF.PK) reported that its fiscal 2012 profit attributable to shareholders increased 17.2% to US$632 million from US$540 million in the prior year. Earnings per share increased to 183.88 cents per share up from 157.13 cents last year.
The increase in net income was driven predominantly by: Integrated Energy Services, due to first-time profit recognition on the Berantai RSC, the profit from the sale of 75% of the share capital in the company holding the FPF1 and the commencement of the Magallanes and Santuario PECs; Onshore Engineering & Construction, reflecting high activity levels and significant margin delivery on certain contracts, which are reaching completion; and Offshore Projects & Operations, due to high levels of activity, an increasing proportion of higher margin non-UK business and an increasing proportion of lump-sum offshore capital projects.
Group revenue for the year increased by 9.0% to US$6.324 billion from US$5.801 billion last year, driven by growth in revenues in all four reporting segments. 64% of the Group's revenues were from Onshore Engineering & Construction, which grew 5.1% in the year.
The company said it expects to deliver good growth in net profit in 2013 and remain on target to more than double its recurring 2010 Group earnings by 2015.
The company said it proposes a final dividend of 43.00 cents per share for the year ended 31 December 2012 (2011: 37.20 cents), which, if approved, will be paid to shareholders on 24 May 2013, provided they were on the register on 19 April 2013. Shareholders who have not elected ,before 26 February 2013, to receive dividends in US dollars will receive a sterling equivalent of 28.40 pence per share.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.