Sembcorp Industries' FY13 net profit up 9% to S$820.4m

See what will drive 2014 growth.

Sembcorp Industries (SCI) reported its FY13 results which saw net profit increase 9% to S$820.4m on the back of a revenue spike of 6% to roughly S$10.8b, reports OCBC Investment Research.

SCI's marine segment led the growth, expanding revenues by 25% to around S$5.5b, offsetting a 9% decline in utilities revenue which stood at roughly S$5.1b.

SCI also declared a final dividend of S$0.15/share as well as bonus dividend of S$0.02, bringing the total payout to S$0.17 versus S$0.15 last year.

The results were within expectations, according to OCBC. Taking the positive results into account as well as SCI's guidance that its core business will deliver a "steady performance" compared to 2013, the research firm kept its FY14 forecasts virtually unchanced and retained its BUY rating for the stock.