By Ronnie Harui
Sembcorp Industries’ net profit rose 11% in 2023 thanks to higher contributions from its Gas and Related Services segment and Renewables segment.
Net profit increased to 942 million Singapore dollars ($699.9 million) in 2023 from S$848 million in 2022, the company said in filing to the Singapore Exchange on Tuesday. Turnover fell to S$7.0 billion from S$7.8 billion, it said.
The Singapore-listed provider of industrial and urban solutions said net profit before exceptional items for its gas and related services segment rose to S$809 million in 2023 from S$622 million over the period. Net profit before exceptional items for the renewables segment increased to S$200 million from S$141 million.
The board of directors proposed a final dividend of 8.0 Singapore cents, subject to shareholders’ approval, the company said.
Looking ahead, earnings at the gas and related services segment are expected to stay robust, supported by the company’s significantly contracted position, Sembcorp said. Also, the renewables segment is likely to perform well as more greenfield projects are commissioned and brownfield acquisitions are completed progressively, it added.
Write to Ronnie Harui at [email protected]
Read the full article here
