Sembcorp Industries Reported a 56% Jump in Net Profit and Upped its Dividend: 5 Highlights from the Utility Giant’s Latest Earnings

  • 📰 YahooSG
  • ⏱ Reading Time:
  • 46 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 71%

Business News News

Business Business Latest News,Business Business Headlines

Blue-chip stocks are setting the tone for this earnings season with many of them reporting higher year-on-year profits.

, or SCI, joins this group of stocks in reporting a sharp jump in net profit.

Around S$122 million of income was contributed by a deferred payment note arising from SCI’s sale of its Indian unit to Tanweer Infrastructure for around US$1.47 billion last year. Free cash flow for the utility group also fell slightly from S$394 million in 1H 2022 to S$376 million in 1H 2023.Not only was it the only division within the group to post a year-on-year revenue jump, but net profit for the segment also surged by 54% year on year to S$117 million.

Meanwhile, the division also owns a 750 MW concentrated solar power project in Gansu, China, that is expected to be completed by 2024.The IUS division posted lower year-on-year revenue and saw a 23% year on year decline in net profit to S$48 million. The Conventional Energy division is seeing enhanced earnings visibility with the signing of long-term power purchase agreements . for an 18-year and 10-year PPA, respectively.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines