Sembcorp full-year profit up 7%; final dividend more than doubles

Sembcorp Industries reported a 7 per cent growth in net profit for its 2024 financial year on the back of higher earnings in its integrated urban solutions segment.

- Sue-Ann Tan

This is despite lower income from its gas and related services segment, which fell due to a planned major maintenance of a plant in Singapore in the first half-year and a 34 percent drop in Singapore's wholesale electricity prices during 2024.

Group net profit after exceptional items and discontinued operations was $1.01 billion for the year to Dec 31, up from $942 million in 2023, the company said in an exchange filing on Feb 27.

Its board of directors proposed a final dividend of 17 cents per share, more than double the eight cents declared a year ago.

Together with the interim dividend of six cents per share paid in August 2024, the total dividend for 2024 will be 23 cents per share.

This represents a dividend yield of 3.9 per cent and a higher dividend payout ratio of 40 per cent, compared with the 23 per cent in 2023.