News

- Net profit of S$159.9 million posted for the quarter

Sembcorp Industries (Sembcorp) posted S$159.9 million in net profit attributable to shareholders of the Company (net profit) for the first quarter of 2011 (1Q2011), an increase from last year’s S$158.8 million. Profit from Operations grew 5% to S$275.0 million from S$262.7 million while turnover stood at S$2.0 billion compared to S$2.4 billion in 1Q2010.

In 1Q2011, Utilities’ net profit increased 4% from S$59.4 million to S$61.5 million while Marine’s contribution to Group net profit was S$91.8 million compared to S$91.1 million in 1Q2010. Return on equity (annualised) for the Group was a healthy 15.5% and earnings per share amounted to 9.0 cents for the quarter. Economic value added was a positive S$121.0 million, while cash and cash equivalents stood at S$3.3 billion.

Mr Tang Kin Fei, Group President & CEO of Sembcorp Industries, said: “In this first quarter of the year, our Marine business secured significant new orders that have brought its total orderbook to S$5.2 billion, while our Utilities business continued to deliver healthy results. At the same time, we are developing new sizeable energy and water projects in Singapore, India and Oman. With a total project value of S$4 billion, these investments will provide the impetus for Sembcorp to achieve sustainable growth.

“We are also pleased to have received international recognition as a global water service provider at the recent 2011 Global Water Awards where we were named Water Company of the Year.”

FY2011 Outlook

Our Marine business has a current net orderbook of S$5.2 billion with completions and deliveries stretching till first quarter of 2014. This includes S$1.5 billion in contract orders secured since the start of 2011. Market fundamentals remain strong and Marine expects to secure additional orders in FY2011.

For FY2011, our Utilities and Industrial Parks businesses are expected to deliver a steady performance.

Highlights from Sembcorp’s 1Q2011 Financial Results

• Turnover at S$2.0 billion, down 17%
• Profit from Operations* at S$275.0 million, up 5%
• Net Profit at S$159.9 million, up 1%
• EPS at 9.0 cents
• ROE (annualised) at 15.5%
• EVA at S$121.0 million
• Healthy balance sheet

*Profit from Operations = Earnings before Interest and Tax + Share of Associates’ and JVs’ results (net of tax).

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For media and analysts’ queries please contact:

Ng Lay San (Ms)
Vice President
Group Corporate Relations
DID: +65 6723 3150
Email: [email protected]

Aleve Co (Ms)
Manager
Group Corporate Relations
DID: +65 6723 3178
Email: [email protected]

ABOUT SEMBCORP INDUSTRIES

Sembcorp Industries is a leading energy, water and marine group operating across six continents worldwide. With facilities with 5,600 megawatts of gross power capacity and over six million cubic metres of water per day in operation and under development, Sembcorp is a trusted provider of essential energy and water solutions to both industrial and municipal customers. It is also a world leader in marine and offshore engineering, as well as an established developer of integrated townships and industrial parks.

The Group has total assets of over S$11 billion and employs over 9,000 employees. Listed on the main board of the Singapore Exchange, it is a component stock of the Straits Times Index and several MSCI indices.

Note to Editors: Following a company rebrand, please refer to the company as “Sembcorp” (with “S” in upper case and “c” in lower case), or “Sembcorp Industries” in full. Please also note that “Sembcorp” is not an abbreviation of “Sembawang Corporation” but a brand name in itself, and it is therefore incorrect to refer to our company as “Sembawang”, “Sembawang Corporation” or similar.