Sembcorp FY21 net profits strong at $279m

It showed a 78% increase from $157m in 2020.

Sembcorp Industries released its results for 2021 (FY21), showing a strong performance for the year.

Group net profit increased 78% to $279m from $157m in 2020, whilst group net profit before exceptional items increased 57% to $472m from higher contributions across all segments. Net profit for the renewables segment grew 22% to $56m from $46m in 2020, driven mainly by higher contribution from the wind business.

Group CEO Wong Kim Yin noted, "Less than a year into executing our strategic transformation plan, we have made good progress. In 2021, we secured 2.9 gigawatts (GW) of new renewable energy projects across key markets."

Sembcorp forecasted its conventional energy segment to perform exceptionally well in the fourth quarter of 2021, subject to global energy market conditions and commodity prices. Upon the expected completion of the China portfolio in the first half of 2022, gross renewables capacity installed and underdevelopment will reach 6.1GW.

The group said it remains focused on the transformation of its portfolio from brown to green and the achievement of its 2025 targets.