ST Engineering profit rises 20% YoY to $337m in H1 2024

The group’s revenue also grew 14% YoY during the period.

Singapore Technologies Engineering Ltd (ST Engineering) reported a net profit of $337m for the first half of 2024, a 20% increase from $281m a year earlier. 

The group’s revenue also grew 14% year-on-year (YoY) to $5.52b, up from $4.86b, driven by strong performance across all business segments.

The Commercial Aerospace (CA) segment saw a 20% revenue increase to $2.23b, up from $1.86b, due to higher 
earnings from Aerospace MRO and Aerostructures & Systems. Defence & Public Security (DPS) revenue rose 12% to $2.37b from $2.12b, thanks to growth in Digital Systems & Cyber and Marine sub-segments, despite increases in Defence Aerospace and Land Systems. Moreover, its Urban Solutions & Satcom (USS) segment revenue also reached $918m, a 3% increase from $891m, driven by higher earnings from Urban Solutions. However, this was partly offset by lower Satcom revenue.

ST Engineering's EBITDA also rose 11% YoY to $786m, from $711m. The group's EBIT increased 18% to $523m, up from $444m.