Sembcorp Industries posts higher net profit of $602m in 1H23

The 1H23 record translates to a 55% jump from 1H22.

Sembcorp Industries’ net profit before exceptional items (EI) rose 55% YoY to $602m due to higher contributions from its Conventional Energy and Renewables segments.

Based on the company’s latest financial statement, its Renewables segment’s net profit before EI in 1H23 was $117m,  a 54% YoY increase.

“The stronger performance was mainly driven by contributions from SDIC New Energy and HYNE in China, as well as acquisitions completed in the first quarter of 2023,” Sembcorp Industries said.

Meanwhile, higher electricity prices in Singapore boosted the net profit before EI of Sembcorp’s Conventional Energy segment by 47% YoY to $435m.