Photo from Sembcorp

Sembcorp Industries’ underlying net profit jumps to $883m in FY22

The company attributed the increase to higher contributions from two segments.

Sembcorp Industries recorded a higher net profit before exceptional items of $883m for the financial year 2022 (FY22). In FY21, the company’s underlying net profit was $472m.

In a bourse filing, Sembcorp attributed the increase to higher contributions from its Conventional Energy and Renewables segments.

Contributions from Shenzhen Huiyang New Energy (HYNE) and 35%-owned SDIC New Energy, as well as higher power prices for the solar assets in Singapore, drove the renewables segment’s underlying net profit up by 150% to $140m.

“During the year, we secured 3.6GW of renewables capacity through acquisitions and organic growth across key markets, bringing the Group’s renewables capacity as at end of 2022 to 9.8GW1 of renewables capacity,” the company reported.

Meanwhile, the Conventional Energy segment posted a net profit before exceptional items of $766 million in FY2022, up from $373 million in FY2021. The company attributed the increase to better performance in Singapore and the UK to higher energy demand and margins.

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.
Lendela on why banks need fintechs to buoy loan growth
Loan demand has doubled in Singapore, and fintechs can help onboard quality clients.