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Petrofac FY19 Profit Rises; Affirms FY20 Outlook For Lower Revenue

Petrofac Limited (POFCF.PK,PFC.L) reported Tuesday that its net profit for fiscal year 2018 rose to $73 million from $64 million in the prior year.

The reported net profit of $73 million was negatively impacted by exceptional items and certain re-measurements of $203 million, of which approximately $172 million were non-cash items.

Business performance net profit declined 22 percent to $276 million from $353 million a year ago.

However, revenue for the year declined to $5.53 billion from $5.83 billion in the prior year.

The company's board is proposing a final dividend of 25.3 cents per share, to be paid on 22 May 2020 to eligible shareholders on the register at 24 April 2020. Shareholders who have not elected to receive dividends in U.S. dollars will receive a sterling equivalent.

Looking ahead to fiscal 2020, Petrofac continues to expect a decrease in Group revenue, reflecting low new order intake in recent years.

The company noted that the order backlog of $7.4 billion at 31 December 2019, compared to $9.6 billion in 2018, provides good revenue visibility in the near term, with $4.5 billion of secured revenue for 2020.

According to Petrofac, the market outlook is improving, and the Group has a busy tendering pipeline with $37 billion of bid opportunities scheduled for award by the end of 2020.

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