Norwegian oil services company Aker Solutions has raised revenue estimates and said profit margins are likely to rise in 2022, with orders driven to record highs, sending shares significantly higher.
The company now expects revenue growth of more than 20% to at least NOK 35 billion ($ 3.97 billion), higher than previous estimates for a 15% increase, as the oil industry is expected to increase costs in the middle narrowness of supply.
Its shares rose 7.5% to a three-year high, surpassing the broader European oil and gas index, which rose 0.75%.
The company will pay a dividend of 0.20 kroner per share for 2021, for the first time since 2014.
Aker Solutions predicts revenue will increase to 45 billion kroner in 2025, with a third coming from renewables, such as the construction and installation of offshore wind turbines.
At the end of the fourth quarter, renewable energy sources and energy-saving solutions, such as carbon capture and storage, accounted for 32% of the total outstanding balance of SEK 49.2 billion, he added.
EBITDA excluding contingencies rose to 593 million kronor in October-December, up from $ 121 million in the corresponding period of 2020.
Source: Capital
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