Sembcorp Industries posts strong H2 earnings on higher energy prices

SEMBCORP Industries U96 has reported a net profit of S$233 million for the 6 months ended Dec 31, 2021, reversing its loss of S$866 million a year ago.

This comes as turnover from continuing operations increased by 59 per cent year-on-year to S$4.5 billion, from S$2.83 billion, the group said in its financial results on Wednesday (Feb 23).

The energy and urban development company attributed turnover growth to higher energy demand as economies recovered from the pandemic, as well as high fuel prices during the current period that led to increases in power prices, despite maintenance shutdowns in Singapore, Myanmar and India.