Sembcorp Industries to focus on renewables, sustainable urban solutions businesses

SEMBCORP Industries is transforming its portfolio for sustainability, focusing on growing its renewables and sustainable urban solutions businesses, the firm said in its annual report on Wednesday.

Last year, its renewables and environment business generated S$806 million in revenue.

Sembcorp Industries' chairman Ang Kong Hua and group president and chief executive officer Wong Kim Yin said in their statement in the annual report: "With Singapore as our home base, we are well-placed to serve markets in Asia, where population growth is driving rising demand for sustainable solutions that enable rapid industrialisation, urbanisation and electrification."

The company aims to be a regional front-runner in renewable energy, including wind, solar and energy storage. Its energy business turned a net profit of S$160 million last year, down from S$195 million in 2019.

Its urban business segment has 13 projects across Vietnam, China and Indonesia, in which the firm partners governments and offers services in in areas such as master planning, land and property development, and asset management.

Amid the pandemic, the urban business recorded a net profit of S$92 million in 2020, down from S$117 million in 2019.

"By leveraging synergies across our businesses, we can provide solutions focused on meeting the twin goals of clean energy and sustainable urbanisation in Asia," Mr Ang and Mr Wong said.