SOCO International plc (LON: SIA) issues full-year figures.
The shares of SOCO International (LSE: SIA) climbed 8p to 385p during early London trade this morning after the company revealed its annual profits had advanced 134%.
The FTSE 250 oil group confirmed earnings had improved from $89m to $207m during 2012.
The increase followed the company's first full year of production at its main Te Giac Trang field in Vietnam. Revenue climbed 166% to $626m while operating cash flow surged 271% to $335m.
SOCO ended 2012 with net cash of $211m, up from $114m, despite spending $95m buying out a minority interest and $33m on share buybacks. The firm also claimed its cash pile had gained a further $61m so far during 2013.
Ed Story, SOCO's chief executive, said:
"The financial and operating results for 2012 demonstrate the transformation of this Company. With the TGT field's average gross production now over 50,000 barrels of oil a day, the record revenues, cash flow and profitability speak for themselves. Moreover, higher rates of production over continued sustained periods support our earlier views of the size of this major oilfield. Further, as we look forward into 2013, SOCO is now poised to take advantage of more substantial future growth opportunities."
Mr Story also expected SOCO to recommend a "sustainable return of capital" to shareholders during 2013, suggesting the firm may declare a long-awaited maiden dividend later this year.
Based on today's results, SOCO's shares are valued at 8 times profits adjusted for the group's net cash pile.
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> Maynard owns shares in SOCO International.