ST Eng'g net profit to rise 21% in 2024 on $7.9b order book

An analyst projects continued growth for ST Engineering driven by its businesses.

Projections from RHB Group showed that ST Engineering will continue to grow, with its net profit seen to reach $713m in 2024.

This will be a 21.57% increase from $586.5m the company reported in 2023.

In a report, RHB Group analyst Shekhar Jaiswal said near-term earnings growth is expected to remain strong as its commercial aerospace business “benefits from higher MRO earnings on the back of better aviation traffic, higher nacelle sales, and improved profits for its passenger-to-freighter (PTF) conversion business.”

He also expects earnings from urban solutions and satcom units to improve, fueled by right-sizing exercise and earnings contribution from its TransCore acquisition.

ALSO READ: ST Engineering’s Urban Solutions secures smart car park contract at Dubai Mall

Meanwhile, the defence and public security business’ profitability should be supported by the gradual delivery of its orderbook, he added.

ST Engineering has an order backlog of $27.4b, which means a book-to-bill ratio of 2.7 years. The company is expected to deliver $7.9b of the orderbook in 2024, accounting for 73% of the 2024 revenue estimate at $10.88b

RHB Group expects ST Engineering to continue paying $0.04 per quarter in dividends

From 2023 to 2026, RHB Group is seeing a 15% compound annual growth rate for ST Engineering’s profit.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


ION Orchard marks 15 years as a premier retail destination
The mall is proactive in conducting surveys to identify trends and optimise its tenant mix.
ION Orchard leads charge in sustainable takeaway practices
 Shoppers will enjoy discounts when they opt for a reusable mug or food container from Muuse.