Sembcorp expects ‘materially higher’ H1 profits driven by conventional energy segment

SEMBCORP Industries’ financial results are expected to be materially higher for the first half of 2022 compared to a year ago, on the back of continued high electricity prices in Singapore and India, it said in a Tuesday (Jul 19) bourse filing.

The group added that it is in the process of finalising the unaudited consolidated financial results for H1 2022 and further details will be disclosed when the results are announced on Aug 5.

Separately, it said that contrary to a report that Myanmar’s central bank has ordered a halt on repayment of foreign loans, its subsidiary in Myanmar has not received such a directive. It has also received prompt payment from its offtaker and continues operation of its Myanmar power plant, Sembcorp said.

As at Jun 30, 2022, the net book value of the project was US$97 million. US$209 million of the project’s loan remains outstanding, backed by a corporate guarantee issued by the company’s wholly-owned subsidiary Sembcorp Utilities.

 Sembcorp’s shares closed up 1 per cent or S$0.03 at S$2.93 on Monday.