Middle-east Arab News Opinion | Asharq Al-awsat

Petrofac confident of 15 percent profit growth in 2011 - ASHARQ AL-AWSAT English Archive
Select Page

LONDON, (Reuters) – Oil services firm Petrofac said it was confident of meeting its target for profit growth of at least 15 percent in 2011 after contract wins in Algeria and Iraq boosted its backlog of orders.

Petrofac, which generated around three quarters of its revenues in 2010 from building oil and gas infrastructure in countries such as Oman and Saudi Arabia, said on Friday its operations performed in-line with expectations in the period from January 1 to May 13.

The company, which in March shrugged off the impact of unrest in its key Middle East market, said contract wins in Algeria and Iraq helped its backlog of orders grow to $12.3 billion at the end of April from $11.7 billion at the end of 2010.

“We have made a good start to the year and we are increasingly confident that we will deliver like-for-like net profit growth in 2011 of at least 15 percent,” said chief executive Ayman Asfari in a statement.

“We anticipate group backlog to remain relatively stable over 2011,” he added.

FTSE 100-listed Petrofac also said its training services business experienced a significant improvement in demand across the majority of its geographic markets.

Shares in the company closed at 1,449 pence on Thursday, valuing the company at 5 billion pounds ($8.14 billion).

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube