ST ENGINEERING on Thursday (Feb 27) reported a net profit of S$365.7 million for the second half ended Dec 31, up 19.6 per cent from S$305.9 million in the previous corresponding period
The defence and engineering group’s revenue rose 9.9 per cent to S$5.8 billion from S$5.2 billion. This was mainly driven by the defence and public security, as well as commercial aerospace segments.
Defence and public security revenue grew 20 per cent to S$2.6 billion from S$2.1 billion, on the back of higher contributions from all sub-segments.
Commercial aerospace revenue rose 5 per cent to S$2.2 billion from S$2.1 billion. Meanwhile, revenue from the urban solutions and satellite communications (satcom) business was flat at S$1.04 billion, mainly due to margin mix.
Group earnings before interest and tax grew 17.7 per cent to S$553.5 million from S$470.5 million, driven by the defence and public security, as well as commercial aerospace segments. This was, however, partially offset by the urban solutions and satcom segment.
ST Engineering’s board proposed a final dividend of S$0.05 per share, up from S$0.04 per share in the previous year. The dividend will be paid on May 15, following the record date of Apr 30.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
This brings the group’s dividend for the full year to S$0.17 per share, slightly higher than S$0.16 per share in FY2023.
For the full year, net profit rose 19.7 per cent to S$702.3 million from S$586.5 million as revenue climbed 11.6 per cent to S$11.3 billion from S$10.1 billion, the highest recorded.
Earnings per share rose 19.7 per cent to S$0.2253 from S$0.1882 in FY2023. Net asset value per share was S$0.8574 as at end-December, slightly higher than S$0.7896 as at end-2023.
Group president and chief executive officer Vincent Chong said that the strong results in 2024 came “despite an uncertain and challenging environment”.
“We have a robust order book and a competitive market position which will underpin our continuing revenue growth and performance,” he added.
As at end-2024, ST Engineering’s order book stood at S$28.5 billion. The group expects to deliver about S$8.8 billion from its order book in 2025.
Shares of ST Engineering closed flat at S$5.06 on Wednesday.
