Sembcorp Posts Net Profit Of S$540 Mn In 1H2024

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.”