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Sembcorp Posts Strong 1H2023 Performance

August 04, 2023

- 1H2023 net profit before exceptional items increased 55% to S$602 million
- Adjusted EBITDA increased 50% year-on-year to S$1.1 billion

For the first half of 2023 (1H2023), Sembcorp Industries recorded a turnover of S$3.7 billion, compared to S$3.9 billion in 1H2022. Group net profit before exceptional items (EI) increased 55% year-on-year to S$602 million, with higher contributions from the Conventional Energy and Renewables segments.

Net profit before EI for the Renewables segment was S$117 million, an increase of 54% from S$76 million in 1H2022. The stronger performance was mainly driven by contributions from SDIC New Energy and HYNE in China, as well as acquisitions completed in the first quarter of 2023. Gross installed renewables capacity as at end-June 2023 was 8.6GW, compared to 5.4GW at end-June 20221. Gross renewables capacity (installed and under development) totalled 11.9GW.

Net profit before EI from the Integrated Urban Solutions segment was S$48 million compared to S$62 million in 1H2022. The decline was mainly due to lower commercial and residential land sales in the Vietnam Urban business, as well as lower earnings from the waste management business in Singapore.

The Conventional Energy segment posted net profit before EI of S$435 million, an increase of 47% from net profit of S$296 million in 1H2022. The increase in contribution was mainly due to higher electricity prices in Singapore.



The board of directors announces an interim dividend of 5.0 cents per ordinary share, which will be paid on August 22, 2023.


The Group’s strong performance in the first half of 2023 was driven by the Conventional Energy segment which saw higher power prices in the Singapore electricity market and increased operational capacity in the Renewables segment.

With an increase in longer tenure power purchase agreements in Singapore, we expect the Conventional Energy segment to provide a stable earnings profile in the second half of the year. Earnings of the Renewables segment will increase for the full year due to contributions from completed acquisitions. However, performance in the second half of the year is seasonally lower than the first half. Outlook of the Urban business is dependent on the pace of regulatory approvals and property market recovery in our countries of operation.

Barring unforeseen circumstances, full year underlying earnings for the Group are expected to be higher than 2022.
Notwithstanding the strong performance, global growth is projected to slow amid high inflation, tight monetary policy and geopolitical tensions. This could weigh down on the global economy and impact business performance.

The Group continues to focus on the execution of its transformation strategy and will leverage its energy and urban development capabilities to seize opportunities in the global energy transition.

– END –

1 Gross installed renewables capacity figures as at end-June 2023 and end-June 2022 include energy storage capacities of 609MWh and 70MWh respectively.