(Reuters) - Canadian Energy Services & Technology Corp’s CEU.TO quarterly profit rose more than 50 percent as the company benefited from its customers drilling more complex, deeper and longer horizontal wells in unconventional fields.
The company, which designs drilling fluid systems used by the oil and gas industry, will also pay a cash dividend of 5 Canadian cents a common share on April 13, it said in a statement.
Canadian Energy’s main business comes from the drilling fluids segment which experienced the most material gains due to increased industry activity.
For the fourth quarter, the Calgary, Alberta-based company earned C$14.9 million, or 26 Canadian cents a share, up from C$9.4 million, or 17 Canadian cents a share, a year ago.
Revenue rose about 47 percent to C$138.8 million.
Shares of the company closed at C$12.76 on Thursday on the Toronto Stock Exchange.
Reporting by Shounak Dasgupta in Bangalore; Editing by Supriya Kurane