ST Engineering Aims for $17b in Revenue by 2029

Its defense business likely to gain from higher spending by some governments

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ST Engineering is eyeing a revenue of $17 billion and a net profit improvement that outpaces its top-line increases by up to five percentage points annually over the next five years, said group chief executive officer Vincent Chong.

The group expects to reap $6 billion in revenue from its commercial aerospace segment, more than $7.5 billion from its defense and public security one, and $3.2 billion from its urban solutions and satcom unit by 2029, he added at the company's investor day on March 18.

For the 2024 financial year, it posted $11.3 billion in revenue and $702.3 million in net profit. Its order book came in at $28.5 billion.

Mr Cedric Foo, group chief financial officer, said the engineering powerhouse will raise its top line by improving its core businesses, among which digital business, defense, premier maintenance, repair and overhaul engines and smart mobility are key drivers.