ST Engineering net profit soars 9% yoy on record revenues

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S63.SI3.29-0.10

All sectors but one reported higher revenues.

Singapore Technologies Engineering Ltd (ST Engineering) reported in a release that all its sectors, excluding Land Systems, delivered higher revenues than the previous year leading to an almost double-digit growth in net profit.

For the financial year ended 31 December 2012 (FY2012), Group revenue achieved a new mark to hit $6.38b, a 6% growth year-on-year as all sectors reported higher revenue except for Land Systems sector which registered comparable revenue. Profit before tax (PBT) grew 10% to $723.1m, and Net profit after tax (Net Profit) rose 9% to $576.2m compared to the same period last year.

FY2012 revenues for the Aerospace, Electronics and Marine sectors were $2b, $1.6b and $1b respectively, a growth of between 5% and 15%. Revenue of $1.5b for Land Systems sector was comparable year-on-year.

In the fourth quarter ended 31 December 2012 (4Q2012), revenue contribution from all sectors rose between 6% and 28%, resulting in higher Group revenue of $1.7b, a 12% increase over 3Q2012. Compared to 3Q2012, PBT was comparable at $188.5m.

In the financial year, the Group achieved steady growth in its commercial sales with revenue of $4b, which accounted for 63% of Group revenue, compared to 59% a year ago. Revenue mix from the sectors to the Group remained steady, comprising 32% for Aerospace sector, 25% for Electronics sector, 24% for Land Systems sector and 16% for Marine sector.

These results continue to demonstrate the strength of the Group’s diversified business model, and the strong market positions of the four sectors.

Earnings per share (EPS) grew 9% to 18.76 cents, compared to 17.28 cents a year ago. Reflecting the strong cash generating capacity of the business throughout the economic cycle, the Group cash and cash equivalents stood at $2.1b, and advance payments from customers reached $1.7b as of 31 December 2012.

The Board of Directors proposes a final dividend of 13.80 cents per share, consisting of an Ordinary Dividend of 4 cents per share, and a Special Dividend of 9.80 cents per share. Together with the Interim Dividend of 3 cents per share paid to shareholders in September 2012, this brings the total dividend for the full year to 16.80 cents per share, an increase of 8% over FY2011. This translates to a dividend yield of 5.16%, computed using the average closing share price of the last trading day of 2012 and 2011.

“The Group Revenue grew 6% over FY2011 to $6.38b, with increased revenue from commercial customers contributing 63% of the Group Revenue. PBT improved by 10% and Net Profit grew by 9% respectively. Year-on-Year EBITDA growth of 7% reflected the Group’s continued efforts in developing new capabilities and achieving productivity improvements. The year ended with the Group’s order book at a healthy $12.1b and a stronger cash and cash equivalent balance of $2.1b.

Barring unforeseen circumstances, the Group expects to achieve higher Revenue and PBT in FY2013 compared to FY2012.” ~ TAN Pheng Hock, President & CEO, ST Engineering

ST Engineering expects to deliver $4.3b of the $12.1b order book in 2013, indicating a strong revenue visibility for the Group.



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