ST Engineering H2 profit rises 19.9% to S$305.9 million

SINGAPORE Technologies Engineering’s (ST Engineering) net profit for the second half ended Dec 31, 2023, rose 19.9 per cent to S$305.9 million from S$255 million in H2 FY2022.

On Thursday (Feb 29), the defence and engineering group attributed its bottom-line increase to strong business growth, higher productivity and cost savings.

Revenue for H2 FY2023 rose 9.9 per cent to S$5.2 billion versus S$4.8 billion a year prior, largely due to higher contributions from the commercial aerospace segment, where revenue grew 29 per cent year on year to S$2.1 billion.

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