Singapore's Sembcorp Industries' Profit Dips Slightly On Weaker Gas Earnings

Reuters02-25

Underlying profit slips to S$1 billion
Posts lower earnings from gas and related services segment
India portfolio helps drive renewables earnings higher
Final dividend of 16 Singapore cents a share

Feb 25 (Reuters) - Singapore's Sembcorp Industries SCIL.SI posted a marginal drop in annual profit on Wednesday, as strong performance from its renewables and urban solutions divisions was limited by lower earnings from its gas and related services segment.

Sembcorp shares fell 2% on the news.

The company's underlying earnings from its gas and related services segment, its top earner, dropped 4% to S$701 million ($553.36 million), weighed down by lower contribution from UK operations and weaker generation spreads in Singapore.

Sembcorp also expects the segment to be affected by reduced margins for newly contracted volumes in Singapore for 2026, as it grapples with lower gas prices.

Earnings from its renewables segment, however, grew 5% on the back of its India wind portfolio. But it expects contribution from China to be hit by elevated curtailment and tariff pressure, among others.

The utility company posted an underlying net profit of S$1.00 billion for the year ended December 31, slightly below the S$1.01 billion reported a year ago.

Shares of the company were down 2.1% by 0127 GMT, compared with the 0.3% decline in the FTSE Straits Times index .STI.

The Temasek-backed company proposed a final dividend of 16 Singapore cents per share, compared with 17 Singapore cents declared a year ago.

($1 = 1.2668 Singapore dollars)

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