Sembcorp Industries sinks into the red with S$866m H2 net loss

SEMBCORP Industries (SCI) sank into the red with an S$866 million net loss for the second half ended Dec 31, 2020, from a net profit of S$56 million a year ago.

This came as the group's turnover dropped 17 per cent to S$2.83 billion for the six months ended December 2020, from S$3.43 billion a year ago on a continuing operations basis.

The results translate to earnings per share (EPS) of 11.09 Singapore cents from continuing operations, from an EPS of 5.04 cents a year ago.

On a non-continuing operations basis, the group recorded a loss per share (LPS) of 48.52 Singapore cents, against EPS of 2.13 Singapore cents in FY2019.

For the full year ended Dec 31, 2020, the group recorded a net loss of S$997 million, from a net profit of S$247 million.

On a continuing operations basis, the group recorded an EPS of 7.84 Singapore cents, from an EPS of 15.06 cents a year ago. Otherwise, it recorded an LPS of 56.81 Singapore cents, from an EPS of 11.81 cents in FY2019.

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Turnover was 19 per cent lower at S$5.45 billion on continuing operations, from S$6.74 billion the year before.

This was mainly due to a non-cash, non-recurring fair-value loss of S$970 million recorded after the completion of the distribution in specie of ordinary shares in the capital of Sembcorp Marine in 2020, as well as a net loss of S$184 million from the marine business prior to the distribution. SCI also recorded exceptional items of negative S$144 million.

A final cash dividend of four Singapore cents per share has been declared for the full year, compared with a total dividend of five cents declared for FY2019.

The final dividend will be paid on May 6 after the record date on April 29, if approved by shareholders at the annual general meeting to be held on April 22.

Shares of mainboard-listed SCI were trading at S$1.66 as at 9.12am on Tuesday, up S$0.04 or 2.5 per cent.