ST Engineering H2 net earnings down 83.6% at S$59.9 million on one-off items; operating gain up 22.5%

[SINGAPORE] ST Engineering on Friday (Feb 27) reported a net profit of S$59.9 million for the second half of FY2025, an 83.6 per cent decline from S$365.7 million in the previous corresponding period.

The H2 FY2025 figure includes gains on divestments as well as shareholding interests in CityCab, SPTel and Starco, and one-off impairment losses related to iDirect satellite group and Jet-Talk.

Its operating profit for H2 ended Dec 31, however, stood at S$448 million, an increase of 22.5 per cent from S$365.7 million a year before.

Revenue stood at S$6.4 billion in H2 FY2025, up from S$5.8 billion from the same year-ago period.

The board has proposed a final dividend of S$0.06 per share and a special dividend of S$0.05 per share, subject to shareholder approval at the annual general meeting on Apr 23.

Including the interim dividend of S$0.12 per share, this will bring the full-year dividend to S$0.23 per share.

Earnings per share for FY2025 stood at S$0.1484.

Cost of sales also widened during the period to S$5.4 billion, up 16.5 per cent from S$4.6 billion.

For FY2025, revenue stood at S$12.3 billion, up 9.5 per cent from S$11.3 billion in the previous fiscal year.

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Net profit for the full year also fell 34.1 per cent year on year to S$462.8 million, from S$702.3 million.

One-off impairment losses of S$689 million for FY2025 were partially offset by divestment gains of S$301 million, according to the statement.

Supported by strong growth momentum and a robust order book, the group is “well positioned” to deliver on its strategic objectives and 2029 targets, said Vincent Chong, group president and chief executive officer.

The counter ended on Thursday 2.1 per cent or S$0.21 lower at S$10.02.