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.