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Sembcorp Posts Net Profit of S$279 Million, Up 78% in FY2021

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Sembcorp Industries delivered a strong performance for the full year of 2021 (FY2021). Turnover was S$7.8 billion, 43% higher than the turnover of S$5.4 billion in FY2020. Group net profit increased 78% to S$279 million from S$157 million in FY2020 while Group net profit before exceptional items increased 57% to S$472 million arising from higher contributions across all segments. In FY2021, exceptional items totalling a negative S$193 million were recorded, mainly due to a S$212 million impairment for the 49%-owned Chongqing Songzao coal-fired power plant in China.

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Net profit for the Renewables segment grew 22% to S$56 million from S$46 million in FY2020, driven mainly by higher contribution from the wind business. Net profit before exceptional items from the Integrated Urban Solutions segment was S$155 million, 37% higher from S$113 million in FY2020. The higher contribution was attributable to stronger performance from the Urban business and Waste and Waste-to-resource businesses. Sustainable Solutions businesses comprising the Renewables and Integrated Urban Solutions segments accounted for 35% of the Group’s net profit before exceptional items and corporate costs in FY2021.

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The Conventional Energy segment posted a net profit before exceptional items of S$373 million in FY2021, 52% higher than FY2020. This was mainly due to better performance in India, Singapore and the UK on higher energy demand and margins in the fourth quarter of 2021.

FINANCIAL SUMMARY

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FINAL DIVIDEND
In view of the Group’s strong performance, the Board of Directors proposes a final dividend of 3.0 cents per ordinary share, subject to shareholders’ approval. Together with the interim dividend of 2.0 cents per ordinary share paid in August 2021, this brings the Group’s total dividend for the year to 5.0 cents per ordinary share.

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GROUP OUTLOOK
Risks and uncertainties are expected to persist in 2022 with the continued impact of the COVID-19 pandemic, uneven global economic recovery, and rising interest rate environment.

The Conventional Energy segment performed exceptionally well in the fourth quarter of 2021. The underlying performance of the segment continues to be subject to global energy market conditions and commodity prices.

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Upon the expected completion of the 658MW China portfolio in the first half of 2022, gross renewables capacity installed and under development will reach 6.1GW. The Group remains focused on the transformation of its portfolio from brown to green and the achievement of its 2025 targets.

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