koxinga
August 11th, 2003, 05:49 PM
SembCorp Industries’ interim earnings rise 63 per cent to $155.8m
· PATMI from operations up 26 per cent to $88.8m, driven by Key Businesses
· Declares special dividend of 8 per cent (2.0 cents per share)
Highlights for First-Half 2003
SembCorp Industries Group delivered a first-half PATMI (Profit After Tax and Minority Interest) growth of 63 per cent to $155.8 million against 1H2002.
This performance is a result of earnings growth from Key Businesses – Utilities, Engineering & Construction, Environmental Engineering, Logistics and Marine Engineering – as well as exceptional gains from divestments of non-core businesses. Without exceptional gains, Group PATMI grew 26 per cent to $88.8 million.
Turnover from Key Businesses were 21 per cent higher than 1H2002 at $2.0 billion, while turnover from non-key businesses were lower at $95.8 million due to divestments.
PATMI from Key Businesses grew 24 per cent to $104.2 million. If exceptional gains from the prior half-year were excluded for comparison purposes, PATMI from Key Businesses would have risen 39 per cent.
The main contributors were Utilities, Logistics and Marine Engineering. Utilities’ PATMI grew 50 per cent to $37.3 million with its Energy operations now profitable. Logistics turned in a 26 per cent growth largely from Supply Chain Management. Marine Engineering’s core earnings grew 5 per cent.
Engineering & Construction has been downsized and streamlined, returning a PATMI of $8.3 million this half-year. Earnings from Environmental Engineering were also higher following recent acquisitions.
The Group’s Return on Equity (annualised) was 15.8 per cent. Balance sheet remained healthy. Its gearing was 0.75 times and interest cover 7.4 times.
Deputy Chairman and CEO Wong Kok Siew said: “Given these results, we are declaring a special dividend of 8 per cent (2.0 cents a share), which represents a net dividend payout of about $28.4 million to our shareholders.
“Our five Key Businesses now constitute 95 per cent of our turnover. These businesses would be the main drivers of growth in the future.”
Full-year outlook
Group orderbook at half-year stood at $4.0 billion. This does not include the long-term contracts held by Utilities and Logistics.
Barring unforeseen circumstances, SembCorp Industries’ overall performance for 2003 is expected to improve over 2002 due to the performance of Key Businesses as well as realised gains from divestments.
. . . . .
For more information, please contact:
Chow Hung Hoeng (Ms)
Assistant Manager
Group Corporate Relations
Tel: +65 6723 3152
Fax: +65 6822 3240
Email: chowhh@sembcorp.com.sg
Website: www.sembcorp.com.sg
· PATMI from operations up 26 per cent to $88.8m, driven by Key Businesses
· Declares special dividend of 8 per cent (2.0 cents per share)
Highlights for First-Half 2003
SembCorp Industries Group delivered a first-half PATMI (Profit After Tax and Minority Interest) growth of 63 per cent to $155.8 million against 1H2002.
This performance is a result of earnings growth from Key Businesses – Utilities, Engineering & Construction, Environmental Engineering, Logistics and Marine Engineering – as well as exceptional gains from divestments of non-core businesses. Without exceptional gains, Group PATMI grew 26 per cent to $88.8 million.
Turnover from Key Businesses were 21 per cent higher than 1H2002 at $2.0 billion, while turnover from non-key businesses were lower at $95.8 million due to divestments.
PATMI from Key Businesses grew 24 per cent to $104.2 million. If exceptional gains from the prior half-year were excluded for comparison purposes, PATMI from Key Businesses would have risen 39 per cent.
The main contributors were Utilities, Logistics and Marine Engineering. Utilities’ PATMI grew 50 per cent to $37.3 million with its Energy operations now profitable. Logistics turned in a 26 per cent growth largely from Supply Chain Management. Marine Engineering’s core earnings grew 5 per cent.
Engineering & Construction has been downsized and streamlined, returning a PATMI of $8.3 million this half-year. Earnings from Environmental Engineering were also higher following recent acquisitions.
The Group’s Return on Equity (annualised) was 15.8 per cent. Balance sheet remained healthy. Its gearing was 0.75 times and interest cover 7.4 times.
Deputy Chairman and CEO Wong Kok Siew said: “Given these results, we are declaring a special dividend of 8 per cent (2.0 cents a share), which represents a net dividend payout of about $28.4 million to our shareholders.
“Our five Key Businesses now constitute 95 per cent of our turnover. These businesses would be the main drivers of growth in the future.”
Full-year outlook
Group orderbook at half-year stood at $4.0 billion. This does not include the long-term contracts held by Utilities and Logistics.
Barring unforeseen circumstances, SembCorp Industries’ overall performance for 2003 is expected to improve over 2002 due to the performance of Key Businesses as well as realised gains from divestments.
. . . . .
For more information, please contact:
Chow Hung Hoeng (Ms)
Assistant Manager
Group Corporate Relations
Tel: +65 6723 3152
Fax: +65 6822 3240
Email: chowhh@sembcorp.com.sg
Website: www.sembcorp.com.sg