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Sembcorp delivers strong 1Q2012 performance

Friday, May 11, 2012

Sembcorp Industries (Sembcorp) delivered a strong performance in the first quarter of 2012 (1Q2012). Net profit attributable to shareholders of the Company (net profit) for 1Q2012 grew 11% from S$159.9 million in 1Q2011 to S$176.7 million, while turnover was up 21% from S$2.0 billion in the previous year to S$2.4 billion. Sembcorp’s main profit contributors, the Utilities and Marine businesses, accounted for 54% and 38% of Group net profit respectively. The Utilities business delivered strong profit growth with net profit up 61% to S$99.0 million in the quarter, driven mainly by solid performance from operations in Singapore. Marine’s 1Q2012 net profit contribution to the Group was S$68.7 million compared to S$91.8 million in 1Q2011.

Return on equity (annualised) for the Group was 15.8% and earnings per share amounted to 9.9 cents for the quarter. Economic value added was a positive S$117.1 million while cash and cash equivalents stood at S$2.8 billion.

Tang Kin Fei, Group President & CEO of Sembcorp Industries, said, “Sembcorp delivered a strong performance this quarter, with our Utilities business recording a 61% growth in net profit. Our acquisition of wind power assets in China will, upon completion, also serve to accelerate our growth in the renewable energy sector. At the same time, our Marine business secured S$3.0 billion worth of contracts this year, bringing its total orderbook to S$7.4 billion. Underpinned by resilient businesses, a healthy orderbook as well as a strong pipeline of projects, Sembcorp is well-positioned for sustainable growth.”

Source: Sembcorp

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