Sembcorp Industries’ net profit up 11% to $942m in FY2023

Net profit for gas and renewables segments rose.

Sembcorp Industries has posted a group net profit after exceptional items (EI) and loss from discontinued operations was S$942m for the full year of 2023, 11% higher than the S$848m in FY2022.

Net profit before EI for the Gas and Related Services segment increased 30% to S$809m in FY2023, from S$622 million in FY2022. 

The performance was thanks to higher power prices in Singapore, Sembcorp said. The company also successfully secured multiple long-term power purchase agreements (PPAs) for its Singapore generation assets, ensuring stable stream of operating cash flow and earnings, it added.

Net profit before EI for the renewables segment grew 42% to S$200m, from S$141m in FY2022, driven by contributions from acquisitions in China and India, as well as higher contributions from energy storage and solar operations in Singapore.

Net profit before EI from the Integrated Urban Solutions segment was S$121m in FY2023, lower than the S$150m it reported in FY2022. This was blamed on lower commercial and residential land sales in the Vietnam urban business and the cessation of a public cleaning contract in the waste business.