ST Engineering net profit up 15% to $296.1m

The company secured $3.37b worth of new contracts for the first half of 2021.

Singapore Technologies Engineering (ST Engineering) reported a net profit of $295.1m for the first half of 2021, 15% higher than the same period last year.

This was driven by the better operating performance of its Urban Solutions and Satcom and Defence and Public Security segments, which offset the losses from its Commercial Aerospace segment.

“We delivered a good set of results for the first half of 2021 amidst a challenging operating environment. We had also secured contract wins across our businesses that led to a robust order book, which continues to provide revenue visibility in the periods ahead,” said Group President and CEO Vincent Chong in a bourse disclosure.

In the second quarter of 2021, ST Engineering secured $1.82b of new contracts: $874m for commercial aerospace, $284m for urban solutions and Satcom, and $660m for Defence and Public Security. This is in addition to the $1.55b announced for the first quarter.