Sembcorp's net profit before items for the conventional energy segment more than doubled to S$766mil (US$573.61mil or RM2.54bil), as it cashed in on elevated power prices in its key markets of India, Singapore and the UK. — Reuters
SINGAPORE: Sembcorp Industries Ltd says its annual profit tripled as its conventional energy segment performed well due to increased energy demand in Singapore and the United Kingdom.
Net profit before items for the conventional energy segment, a major revenue churner for the group, more than doubled to S$766mil (US$573.61mil or RM2.54bil), as it cashed in on elevated power prices in its key markets of India, Singapore and the UK.
Earnings in the Singapore-listed company’s renewables segment grew over two-fold to S$140mil (RM464mil), lifted by increased operational capacity.
“Our gross renewables portfolio has grown to 9.8 gigawatts, almost at our target of 10 gigawatts of gross installed renewables capacity by 2025,” said group president Wong Kim Yin.
The Temasek-backed company said its attributable profit for the year ended Dec 31 was S$848mil (RM2.81bil), up from S$279mil (RM925mil) a year ago.
It proposed a final dividend of four Singapore cents and a special dividend of four cents per ordinary share.
In Singapore, Sembcorp owns and operates the largest NEWater plant and provides solid waste management services for the city-state’s government.
In China, Sembcorp’s operations incude power generation, industrial water management and wastewater treatment facilities, as well as sustainable urban developments. — Reuters
