Oil and Gas News

Worley profits jump as market strengthens

Worley

Worley chief executive Chris Ashton said Worley shows positive momentum post COVID-19 as first-half profit has more than tripled.

The company said it made a profit of $79 million for the six months ended on 31 December, up from $22 million in the corresponding period the year prior. 

While Worley’s revenue dipped 4 per cent to $4.6 billion in the six months to December, cost-cutting helped boost profits compared with a year earlier.

Statutory NPATA was $114 million compared to $60 million in the prior corresponding period.

Earnings rose in Worley’s three key business units. Energy income was up 17 per cent to $150 million; chemicals income rose 24 per cent to $133 million; and resources income increased 8 per cent to $52 millio

Chief executive Chris Ashton said he was optimistic about company’s future amid market recovery as conditions strengthen. 

“Our H1 FY22 result is indicative of the continued market improvement which is consistent with the outlook we presented at the full year FY21 results,” Ashton said.

“Our aggregated revenue of $4.4 billion is steady on the second half of FY21 and there continues to be clear evidence from customers that the momentum post-COVID-19 continues to build.” 

Worley said sustainability work now accounts for  1.4 billion, or 32 per cent, of aggregated revenue, up from A$1.2 billion previously.

“We aspire to 75 per cent of our revenue from sustainability-related business within 5 years,” Ashton said. 

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