Sembcorp Industries’ Financial Performance in 2023

Sembcorp Industries’ Net Profit Soars 11% in 2023

In a recent report to the Singapore Exchange, Sembcorp Industries announced a remarkable 11% increase in net profit for the year 2023. This growth can be attributed to stronger contributions from both its Gas and Related Services segment as well as its Renewables segment.

Financial Overview

The company’s net profit surged to 942 million Singapore dollars ($699.9 million) in 2023 compared to S$848 million in the previous year. Despite a decrease in turnover to S$7.0 billion from S$7.8 billion, the company remains optimistic about its financial performance.

Segment Performance

Sembcorp Industries, known for providing industrial and urban solutions, reported that net profit before exceptional items for its gas and related services segment rose to S$809 million in 2023, up from S$622 million previously. Additionally, the renewables segment saw a substantial increase in net profit before exceptional items, reaching S$200 million compared to S$141 million.

Dividend Proposal

The board of directors has put forth a proposal for a final dividend of 8.0 Singapore cents, pending approval from shareholders. This move reflects the company’s commitment to delivering value to its investors.

Future Outlook

Looking ahead, Sembcorp Industries foresees continued strength in earnings from the gas and related services segment due to its solidly contracted position. Furthermore, the renewables segment is expected to show promising results as more greenfield projects are completed and brownfield acquisitions are finalized.