The Group delivered a strong
performance in 2011. Net profit
attributable to shareholders
of the company (net profit)
for the full year grew 2% from
S$792.9 million in 2010 to
S$809.3 million, while turnover
was up 3% from S$8.8 billion in
the previous year to S$9.0 billion.
Our main profit contributors
continued to be our Utilities and
Marine businesses, which
accounted for 92% of Group net
profit. Our Utilities business
delivered robust profit growth in
2011, with net profit growing
32% to S$304.4 million. Record
profits for the business were
driven by good operating
performance in Singapore,
China and the Middle East &
Africa. The Marine business’
contribution to net profit was
13% lower at S$456.2 million
mainly due to fewer jack-up and
semi-submersible rig projects. This
was offset by the higher interest
income received in 2011 for
deferred payment granted to
customers and write-back of prior
years’ tax over-provisions.
Sembcorp’s net profit for the
year grew 16% from S$682.7
million to S$792.9 million,
while turnover was S$8.8 billion
compared to S$9.6 billion in 2009.
The Utilities business’ net
profit improved by 2% to
S$231.3 million with all regions
registering growth except for
operations in Teesside, UK, while
the Marine business’ contribution
to net profit grew 22% to
S$524.9 million.
During the year, the Group
recorded an exceptional gain
of S$32.1 million comprising
the Group’s share of the Marine
business’ full and final amicable
settlement of disputed foreign
exchange transactions.
Sembcorp’s net profit for the year
grew 35% from S$507.1 million
to S$682.7 million, while turnover
stood at S$9.6 billion.
The Marine business’ contribution
to net profit grew 63% from
S$263.7 million to S$430.2 million,
attributable to a combination of
operational efficiency and execution
of projects ahead of schedule
resulting in better margins and the
resumption of margin recognition
for some of the business’ projects. The Utilities business’ net profit grew by 12% from S$202.4 million to S$226.7 million, with operations in Singapore, China, Vietnam and the UAE showing growth.
Sembcorp’s turnover increased by
15% from S$8.6 billion to S$9.9 billion.
Net profit for the year stood at
S$507.1 million. Excluding the one-off
write-back of S$48.0 million of tax
provisions recorded in 2007, Sembcorp
achieved a net profit growth of 6%.
The Marine business’ contribution
to net profit rose 75% to S$263.7
million, mainly due to higher
revenue and operating margins
from its rig building and ship repair
businesses. The Utilities business’
net profit stood at S$202.4 million mainly due to contributions from our Singapore and UK operations.
During the year, the Group recorded an exceptional loss of S$26.9 million comprising the Group’s share of the Marine business’ foreign exchange losses from unauthorised transactions.
Sembcorp achieved a 6% growth
in turnover to S$8.6 billion. Net profit
in 2007 stood at S$526.2 million.
Strong business fundamentals
continued to drive Sembcorp’s
growth, backed by positive
operating performance from the
Utilities business’ Singapore and UK
operations and the Marine unit’s rig
building and ship repair businesses.
The Group recorded a net
exceptional loss of S$31.0 million
during the year, which comprised
the Group’s share of losses
recognised by the Marine business’
unauthorised foreign exchange
transactions, partially offset by gains
on the sale of certain investments. |
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