Continues to secure contracts; robust order book of S$23b.
Consistent dividends over the years with recent increase to S$0.16/share per annum.
Net profit 6% lower y-o-y, but would have been higher on a base operating performance (BOP) basis if certain items were excluded
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Net profit attributable to shareholders was 6% lower at S$535m for the year, but this would have been 39% higher at S$549m on a BOP basis if items such as government support, energy inflation, and TransCore T&I expenses were excluded.
Results were generally within expectations.
ST Engineering – Segmental updates
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Urban Solutions and Satcom (20% of total revenue) registered a 49% growth in revenue with the competition of the TransCore acquisition in March 2022, while EBIT was 13% higher.
Defence & Public Security (47% of total revenue) saw a 6% rise in revenue but EBIT was down 13% in the absence of S$51m government support received in the prior year and a S$23m impact from energy inflation. If these factors were excluded, EBIT from this segment would be stronger by 3% y-o-y.
Continues to secure new contracts
Read more at SGinvestors.io.
Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
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