ST Engineering reported an increase of 17% in the Group revenue on a year-on-year basis to $4.27bn from $3.65bn in its first half-year financial results ended 30 June 2022 (1H2022). The group attributed this growth to all business segments. The Group reported its profit before tax to be $351.1 million a sharp 3% rise from last year’s $339.8 million.
The revenue from Aerospace MRO and Aerostructure & Systems sub-segments was 1.14bn, an increase of 24% from last year’s figure of $1.40 bn. This increase was driven by the increased MRO service and nacelles delivery.
Comparing 2Q2022 to the same period last year, Commercial Aerospace revenue grew 25% to $730 million from $584 million
As at 30 June 2022, the Group held $533 million in cash and cash equivalents. The Group signed new contracts worth $2.4 bn for 1Q2022. In the second quarter, the company secured new contracts of about $3.1b, comprising $1.2b from Commercial Aerospace, $447m from Urban Solutions & Satcom, and $1.4b from Defence & Public Security. This brings the total contract value secured for 1H2022 to $5.5bn.
St Engineering’s Commercial Aerospace clinched new contracts across a spectrum of its aviation manufacturing and MRO businesses. These include passenger-to-freighter (P2F) conversion orders for A330P2F and A321P2F units, an agreement to provide additional airframe heavy maintenance support for United Airlines’ narrowbody aircraft, a five-year agreement with Safran Aircraft Engines to provide engine maintenance offload5 for the CFM56-5B and -7B engines, and several component maintenance-by-the-hour extension contracts from regional airlines.