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ContourGlobal PLC on Wednesday reported surging half-year net profit as it beat its own expectations.
Net profit in the six months to June 30 quadrupled to $163.3 million from $37.9 million a year ago.
Revenue grew 44% to $1.35 billion from $934.9 million. Income from operations was up 83% at $332.6 million from $181.4 million.
‘We performed very well in the first half of 2022, with better-than-anticipated operating and financial performance across the entire fleet,’ said Chief Executive Officer Joseph Brandt.
The London-based power generation firm declared a quarterly dividend of 4.91 US cents, up 10% from 4.47 US cents a year ago. The dividend is ‘in line with our 10% year-on-year dividend growth policy,’ Brandt explained.
The company added that its £1.75 billion acquisition by funds indirectly owned by private equity investor Kohlberg Kravis Roberts & Co LP is expected to complete in the fourth quarter of 2022 as it awaits regulatory approvals.
ContourGlobal shares were 0.2% lower at 256.00 pence each in London on Wednesday morning. KKR is offering 263..6p per share.
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