ST Engineering : S63 0% posted an 18.1 per cent rise in group revenue to S$2.7 billion for the first quarter ended Mar 31, 2024, it said in a business update.
The group attributed the gain to higher contributions from its commercial aerospace as well as defence and public security segments, which recorded double-digit revenue growth.
It has declared an interim dividend of S$0.04 per share for the quarter, payable on Jun 5 after the record date on May 23.
Commercial aerospace revenue was up 32 per cent to S$1.2 billion from S$873 million on broad-based growth. Notably, the group’s engine maintenance, repair and overhaul (MRO) operations registered strong growth.
ST Engineering’s defence and public security unit posted a 14 per cent year-on-year revenue increase to S$1.1 billion from S$982 million. There was growth in all sub-segments, with the group’s digital business well-positioned to exceed its 2026 revenue target.
In contrast, revenue from its urban solutions and satellite communications (satcom) segment slipped 1 per cent to S$429 million from S$434 million in the same period last year.
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The group obtained S$3 billion in new contract wins during the quarter. Its defence and public security segment recorded the highest contract value at S$1.7 billion, followed by its commercial aerospace segment, which bagged S$839 million in contracts.
The urban solutions and satcom business, meanwhile, recorded S$542 million in new contracts.
ST Engineering shares closed 1.8 per cent or S$0.07 higher at S$3.98 on Friday.
