ASKER, NORWAY (7 February 2019) - TGS reported net revenues of USD 188 million in Q4 2018 compared to USD 157 million in Q4 2017, corresponding to a growth of 20%. Operating profit for the quarter was USD 68 million (36% of net revenues) and net income was USD 61 million resulting in earnings per share of USD 0.59, a growth of 11% year-on-year.
With a strong cash balance of USD 274 million, TGS increases its quarterly dividend to USD 0.27 per share, up 35% from the previous quarter.
4th Quarter Highlights - Segment Reporting
Financial guidance for 2019 is as follows:
" Once again we outperformed market expectations and delivered a 2018 revenue growth of 26%. Based on industry leading cash generation and return on capital we are pleased to announce a 35% increase in our dividend to shareholders. While there continues to be some uncertainty related to important factors such as U.S Onshore production, oil price and E&P budgets, we are confident that the positive trend from 2018 will continue this year. As a result we are guiding a multi-client investment growth of approximately 20% for 2019 backed by a good pipeline of interesting investment opportunities", TGS' CEO Kristian Johansen stated.
To access TGS Q4 results information, please use the web links below:
Q4 2018 Presentation and Capital Markets Day
CEO Kristian Johansen and CFO Sven Børre Larsen will present the results and 2019 guidance during the company's Capital Markets Day which will take place at Felix Konferansesenter in Oslo, Norway, from CET 09.00 am. The presentation is open to the public and can be followed live on the internet at www.tgs.com.
The slides from the presentation will also be available in PDF format at both the TGS and Oslo Stock Exchange websites.