Sembcorp Industries (Sembcorp) posted a turnover of S$3.2 billion and Group net profit before exceptional items (EI) of S$532 million for the first half of 2024 (1H2024), compared to S$3.7 billion and S$602 million respectively in 1H2023. Group net profit after EI and discontinued operation was S$540 million, 2% higher compared to S$530 million in 1H2023.
Net profit before EI for the Gas and Related Services segment was S$339 million, compared to S$435 million in 1H2023. Excluding the planned major maintenance for the Singapore cogeneration plant in 1H2024, earnings for the segment remained resilient despite a decline in Singapore wholesale power prices. 99% of the Group’s gas-fired power portfolio in Singapore is contracted, backed by long-term power purchase agreements.
Net profit before EI for the Renewables segment decreased 13% to S$104 million in 1H2024 from S$119 million in 1H2023, due to higher curtailment in China. This was offset by contributions from new acquisitions.
The Integrated Urban Solutions segment posted a net profit before EI of S$70 million, a 43% increase from 1H2023, due to a recovery in Vietnam and Indonesia land sales.
Quote from Wong Kim Yin, Group President and CEO of Sembcorp Industries: “Sembcorp produced resilient 1H2024 results despite lower wholesale power prices and a major maintenance for our gas-fired power plant in Singapore. This can be attributed to our contracting strategy. The robust contribution from our portfolio provides a strong anchor for our 2024 – 2028 strategy, with our portfolio of gas and renewable energy uniquely positioned to meet the strong and increasing demand expected from corporate customers including data centers.”
Sembcorp Posts Net Profit Of S$540 Mn In 1H2024
Sembcorp
