- Sembcorp Industries (SGX:U96)'s 1H24 PATMI of S$540m +31% h-o-h/-11% y-o-y. Top line and bottom line declined by low teens due to lower gas offtake and gas prices, lower power prices in Singapore and demand-supply imbalance in China. This was partly offset by higher land sales and nimble execution of its contracting strategy.
- - Read this at SGinvestors.io -
Contracted power portfolio provides resilience
- Sembcorp posted 1H24 revenue and PATMI before exceptional items of S$3.2b and S$532m, down 12% y-o-y. Group net profit after exceptional items and discontinued operation was S$540m, +2% y-o-y. Lower turnover resulted from the aforementioned reasons.
- Net profit for gas and related services was S$339m, -22% y-o-y, due to planned maintenance of its Singapore power plant and lower revenue, mitigated by portfolio optimization.
- - Read this at SGinvestors.io -
Higher dividend for 1H24
- Weakness in the key business segments was partly offset by higher land sales and other businesses.
- Notwithstanding higher gearing, Sembcorp's dividend for 1H24 rose to S$0.06 (vs S$0.05 1HFY23).
Focusing on land sales in Indonesia and Vietnam
- Read more at SGinvestors.io.
