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Petrofac describes “solid operational performance” in first half

“Petrofac has delivered good results that reflect solid operational performance across the business," said Ayman Asfari.

Petrofac Limited - Petrofac describes “solid operational performance” in first half

Petrofac Limited (LON:PFC) described a “solid operational performance” as it reported financial results for the six months ended 30 June 2019.

First half revenue came in at US$2.82bn, versus US$2.78bn in 2018, while Petrofac marked a US$139mln net profit against a US$17mln in the comparative period last year.

New order intake was stated at US$2bn for the year to date.

The oil services company had US$69mln of net cash and it reported an interim dividend of 12.7 cents per share.

Chief executive Ayman Asfari: “Petrofac has delivered good results that reflect solid operational performance across the business.

"New order intake year to date has been impacted by recent challenges in Saudi Arabia and Iraq. 

“Looking forward, the group has a busy tendering pipeline with around US$13bn of bid opportunities due for award in the second half of the year.

"We remain committed to our strategy of delivering best-in-class execution for our clients and enhancing returns for our shareholders by reducing costs, driving digitalisation, increasing local content, improving cash conversion and divesting non-core assets. 

“These ongoing initiatives will improve our competitiveness in core and growth markets, as well as best position the business for a return to growth in the medium-term."

Petrofac shares were down 8.9p or 2.19% changing hands at 397.06p.

Quick facts: Petrofac Limited

Price: 378.9 GBX

LSE:PFC
Market: LSE
Market Cap: £1.31 billion
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