Singapore Technologies Engineering (ST Engineering) has posted revenues of $5.5bn for the first half of the year 2024. It marks a 13.5% increase over last year's first half.
The company's profit after tax was up 22% to $348.2 million. In addition, its EBITDA was up 10.6% to $786.1 million, while its EBIT was up 17.7% to $522.9 million. The company's commercial aerospace segment revenue was up 20% to $2.23bn. The company said strong growth from aerospace MRO and aerostructures & systems helped drive the increase. EBIT for the segment was up 7% to 189.7 million. The result was partially offset by lower contribution from ""significantly lower aircraft sales"" as well as project timing and sales mix.
The company's distribution and selling expenses was somewhat flat at $104.6 million, while administrative expenses were up 7.4% to $385.9 million and other operating expenses up 3.3% to $86.2 million.
As of June 30, 2024, the company's total assets were valued at $15.9bn, while its total equity and liabilities were $15.9bn. At the end of the period, it held cash and cash equivalents valued at $429.9 million. On August 13, 2024, the company's directors approved a second interim one-tier tax exempt dividend of 4.0 cents per ordinary share for the second quarter of the 2024 to be paid on September 5, 2024. It follows the first quarter interim dividend of 4.0 cents per ordinary share paid on June 5, 2024.