Singapore's Sembcorp Industries Full-Year Profit Jumps

Reuters02-20

Feb 20 (Reuters) - Singapore's Sembcorp Industries reported an 11% rise in full-year profit on Tuesday, as the utilities firm benefited from higher contributions from its gas and related services and renewables segments as well as acquisitions in China and India.

The company said its net profit after exceptional items for the year ended Dec. 31 came in at S$942 million ($699.70 million), compared with S$848 million reported last year.

Sembcorp said net profit for the gas and related services segment increased 30% to S$809 million in fiscal 2023 as it benefited from higher power prices in Singapore.

Recent geopolitical tensions have caused supply disruptions and also heightened energy production concerns, which resulted in higher electricity prices, boosting Sembcorp's profit.

Contributions from acquisitions in China and India as well as from the energy storage and solar operations in Singapore pushed profit from the renewables segment higher by 42% to S$200 million.

The company, owned by Singapore's state investor Temasek Holdings, also proposed a final dividend of 8 Singapore cents, from 4 cents per ordinary share last year.

($1 = 1.3463 Singapore dollars)

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