Italy: Saipem’s Net Profit Hits Record High, Euro 844 million

 

Today, the Board of Directors of Saipem S.p.A. reviewed the Saipem Group preliminary consolidated results at December 31, 2010 (not yet submitted to the Company Statutory Auditors and Independent Auditors), which have been prepared in compliance with the International Financial Reporting Standards (IFRS).

Saipem is organised into two Business Units: Engineering & Construction and Drilling, with a strong bias towards oil & gas related activities in remote areas and deepwater. Saipem is a leader in the provision of engineering, procurement, project management and construction services with distinctive capabilities in the design and execution of large-scale offshore and onshore projects, and technological competences such as gas monetisation and heavy oil exploitation.

  • Adjusted net profit for 2010 reached a record level of Euro 828 million, a 13.1% increase compared to 2009. Net profit amounted to Euro 844 million.
  • Net profit for the fourth quarter of 2010 amounted to Euro 237 million, a 26.1% increase compared to the fourth quarter of 2009.
  • New contracts won in 2010 amounted to Euro 12,935 million (Euro 9,917 million in 2009), while the backlog at December 31, 2010 stood at a record Euro 20,505 million (Euro 18,730 million at December 31, 2009).
  • Investments in 2010 amounted to Euro 1,545 million, compared to Euro 1,615 million in 2009.
  • Proposed dividend: Euro 0.63 per ordinary share and Euro 0.66 per savings share.
  • Management outlook for 2011: further increase in revenues (approx. 5%), EBITDA (approx. 10%) and adjusted net profit (approx. 5%).

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Source:Saipem, February  10, 2011;