ST Engineering revenue rockets to $2b in Q1
Commercial aerospace, urban solutions, and defence segments had growth.
ST Engineering recorded a revenue increase of 13% to $2b in the first quarter (Q1) of 2022 from $1.8b in Q1 2021, following reported revenue growth in all its segments.
Under commercial aerospace, revenue went up by 22% to $674m in Q1 2022 from $552m in Q1 2021 due to the gradual reopening of borders and healthy orders for nacelles, amongst others.
For ST Engineering’s urban solutions and satellite communications, revenue grew by 12% from $264m in Q1 2021 to $297m in Q1 2022, mainly on the back of higher smart city project deliveries.
As for defence & public security revenue, it rose by 9% from $976m in Q1 2021 to $1.062b in the same period this year as the company posted strong growth from digital systems and cyber business.
It also managed to secure a total of $2.4b new contracts as well as a robust order book of $21.3b during this period.