Hot stock: Sembcorp climbs as much as 6.8% after H1 profit beats expectations

SHARES of Sembcorp Industries hit a new high on Monday (Aug 7) after the energy player’s net profit for the first half of 2023 beat analyst expectations.

Its counter reached a high of S$5.98 on Monday, up 6.8 per cent or S$0.38 on a cum-dividend basis as at 11.26 am. This exceeded the previous high of S$5.79 recorded on Jun 15, 2023. By 2.20 pm, shares of Sembcorp were up 6.2 per cent or S$0.35 to S$5.95, with 11.4 million shares changing hands.

On Friday, the group reported a 56 per cent rise in H1 net profit to S$608 million, after accounting for the disposal of its Indian coal business. It also recorded S$6 million in one-off gains for the six months ended Jun 30 on a continuing-operations basis.