, 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.