Sci Fy2022 Press-Release

PRESS RELEASE
Sembcorp Industries FY2022 Results
SEMBCORP DELIVERS STRONG FY2022 PERFORMANCE

- Underlying net profit at S$883 million
- Significant growth achieved in renewables portfolio
- Successfully completed the sale of Sembcorp Energy India Limited (SEIL) in
January 2023
Singapore, February 21, 2023 – Sembcorp Industries (Sembcorp) posted a strong

performance for the full year of 2022 (FY2022). Including discontinued operation#,
turnover was S$9.4 billion, 21% higher than turnover of S$7.8 billion in FY2021. Group
net profit before exceptional items in FY2022 was S$883 million, an increase from
S$472 million in FY2021, due to higher contributions from the Conventional Energy and
Renewables segments. The Group recorded exceptional items of negative S$35 million
in FY2022, compared to negative S$193 million in FY2021. Group net profit after
exceptional items was S$848 million, compared to S$279 million in FY2021.
Net profit before exceptional items for the Renewables segment grew 150% to S$140
million, from S$56 million in FY2021, driven by contributions from Shenzhen Huiyang
New Energy (HYNE) and 35%-owned SDIC New Energy, as well as higher power prices
for the solar assets in Singapore. During the year, we secured 3.6GW of renewables
capacity through acquisitions and organic growth across key markets, bringing the
Group’s renewables capacity as at end 2022 to 9.8GW1 of renewables capacity.
Net profit before exceptional items from the Integrated Urban Solutions segment was
S$148 million compared to S$155 million in FY2021. Lower land and property sales due
to a slowdown in the China market were mitigated by higher contribution from the waste-
#
On November 8, 2022, shareholders of the Company approved the sale of Sembcorp Energy India Limited (SEIL).
Consequently, SEIL was classified as a disposal group held for sale and as a discontinued operation, with comparative
information of its financial performance re-presented accordingly. The sale of SEIL was completed on January 19, 2023. Please
refer to the consolidated income statement (page 2) and Note 7c (pages 35-36) of the unaudited results for the second half and
full year ended December 31, 2022 for more information
1
As at December 31, 2022, including acquisitions pending completion
to-resource operations in the UK on higher power prices. Sustainable Solutions
businesses comprising the Renewables and Integrated Urban Solutions segments
accounted for 27% of the Group’s net profit before exceptional items and corporate
costs in FY2022.
The Conventional Energy segment posted net profit before exceptional items of S$766
million in FY2022, up from S$373 million in FY2021. This was mainly due to better
performance in Singapore and the UK on higher energy demand and margins.
Quote from Wong Kim Yin, Group President & CEO of Sembcorp Industries:
“Our strong FY2022 results were underpinned by better performance in the
Conventional Energy and Renewables segments, supported by stable contribution
from the Integrated Urban Solutions segment. Our gross renewables portfolio has
grown to 9.8GW1, almost at our target of 10GW of gross installed renewables
capacity by 2025. We remain focused on our transition towards a greener portfolio to
create long-term value and growth for our stakeholders.”
FINANCIAL SUMMARY
S$ million 2H2022 2H2021 Δ% FY2022 FY2021 Δ%
Turnover 4,641 4,505 3 9,395 7,795 21
Net Profit before Exceptional Items
Renewables 64 32 100 140 56 150
Integrated Urban Solutions 86 92 (7) 148 155 (5)
Sustainable Solutions 150 124 21 288 211 36
Conventional Energy# 369 188 96 766 373 105
Other Businesses 13 12 8 23 25 (8)
Corporate (139) (104) (34) (194) (137) (42)
Net Profit before Exceptional Items 393 220 79 883 472 87
Exceptional Items* (35) 13 NM (35) (193) 82
Net Profit 358 233 54 848 279 204
The Financial Summary shown above includes discontinued operation. Please refer to the consolidated income statement of the
unaudited results for the second half and full year ended December 31, 2022 for more information.
* FY2022 exceptional items (EIs) totalling negative S$35 million comprised a S$19 million impairment in the Conventional Energy
segment, mainly for a woodchip boiler and other facilities in Singapore, an S$8 million write-off in the Renewables segment of an
investment in Vietnam for project expenses incurred by the company and impairments totalling S$8 million in the Integrated
Urban Solutions segment for a water asset in China following changes in water tariffs, an investment in the UK for project
expenses incurred by the company, and Urban’s share of lower market valuations of underlying property assets in China.
FY2021 EIs totalling negative S$193 million comprised a S$212 million impairment of Chongqing Songzao power plant and a
S$13 million gain from UK land sales and connection fee income in the Conventional Energy segment, as well as a S$6 million
gain from divestment of Sembcorp Jingmen Water Co in the Integrated Urban Solutions segment.
2
FINAL DIVIDEND
In view of the Group’s strong operational results, the Board of Directors proposes a final
dividend of 4.0 cents and a special dividend of 4.0 cents per ordinary share, subject to
shareholders’ approval. Together with the interim dividend of 4.0 cents per ordinary
share paid in August 2022, this brings the Group’s total dividend for the year to 12.0
cents per ordinary share.
GROUP OUTLOOK
The Group performed exceptionally in 2022, driven by strong performance from the
Conventional Energy segment on the back of elevated power prices in Singapore and
the UK, as well as increased operational capacity in the Renewables segment.
Performance of the Renewables segment will grow, as a result of contributions from

acquisitions announced in 2022. The Urban business continues to secure land bank to
ensure a steady land pipeline. Performance of the Conventional Energy segment is
subject to energy market conditions. The sale of SEIL was completed in January 2023.
Henceforth, we will recognise income from the Deferred Payment Note.
We expect macro headwinds to persist, with elevated inflation and rising interest rates
weighing down on global demand. Further escalations in geopolitical tensions could
also worsen supply disruptions and impact business performance.
The Group continues to focus on the execution of its transformation strategy and will
leverage its energy and urban development capabilities to seize opportunities in the
global energy transition.
– END –
3
For analysts’ and media queries, please contact:
Analysts Media
Ling Xin Jin (Ms) Karin Xiao (Ms)
Assistant Vice President Assistant Vice President
Group Investor Relations Group Media Communications
DID: +65 6723 3384 DID: +65 6723 3140
Email: ling.xinjin@sembcorp.com Email: karin.xiao@sembcorp.com
ABOUT SEMBCORP INDUSTRIES
Sembcorp Industries (Sembcorp) is a leading energy and urban solutions provider,

driven by its purpose to do good and play its part in building a sustainable future.
Headquartered in Singapore, Sembcorp leverages its sector expertise and global track
record to deliver innovative solutions that support the energy transition and sustainable
development. By focusing on growing its Renewables and Integrated Urban Solutions
businesses, it aims to transform its portfolio towards a greener future and be a leading
provider of sustainable solutions.
Sembcorp has a balanced energy portfolio of 16.7GW, with 9.8GW 1 of renewable

energy capacity comprising solar, wind and energy storage globally. The company also
has a proven track record of transforming raw land into sustainable urban
developments, with a project portfolio spanning over 12,000 hectares across Asia.
Sembcorp is listed on the main board of the Singapore Exchange. It is a component

stock of the Straits Times Index and sustainability indices including the FTSE4Good
Index and the iEdge SG ESG indices. For more information, please visit
www.sembcorp.com.
1
Including acquisitions pending completion
4

Sci Fy2022 Press-Release

Uploaded by

Copyright:

Available Formats

Sci Fy2022 Press-Release

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Sci Fy2022 Press-Release

Uploaded by

Copyright:

Available Formats

PRESS RELEASE

Sembcorp Industries FY2022 Results

SEMBCORP DELIVERS STRONG FY2022 PERFORMANCE

Singapore, February 21, 2023 – Sembcorp Industries (Sembcorp) posted a strong

Performance of the Renewables segment will grow, as a result of contributions from

ABOUT SEMBCORP INDUSTRIES

Sembcorp Industries (Sembcorp) is a leading energy and urban solutions provider,

Sembcorp has a balanced energy portfolio of 16.7GW, with 9.8GW 1 of renewable

Sembcorp is listed on the main board of the Singapore Exchange. It is a component

You might also like

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.