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Utilities

Sembcorp Industries Ltd.

Company Background

One of Singapore's biggest conglomerates, Sembcorp Industries has three core businesses: marine, utility and urban development. The marine and offshore business is conducted by publicly-listed subsidiary Sembcorp Marine, whose jack-up rigs and other platforms are used in major offshore oil production sites all over the world. At the west tip of Singapore, a major development to consolidate all existing shipyards to form one large-scale facility, dubbed Sembmarine Integrated Yard @ Tuas, is underway.

In the urban development business, Sembcorp is playing a key role in several government-led industrial park development projects in Vietnam and China. The utility business, which ranges from gas to power generation to water processing, was accelerated by current Group President and CEO Tang Kin Fei. Joining Sembawang Corp., the predecessor to Sembcorp, in 1987, Tang reached the top post in 2005. With Tang at the helm, the company won the bid for a water desalination and power plant project in the United Arab Emirates in 2006, its first key project in the Middle East in this area. Temasek Holdings is the largest shareholder of the company, with about 50% ownership.

Business Summary

Sembcorp Industries Ltd. is an investment holding company, which engages in the production and supply of utilities services, terminalling and storage of petroleum products and chemicals, and the provision of energy and urban solutions. It operates through the following segments: Renewables, Integrated Urban Solutions, Conventional Energy, and Other Businesses and Corporate. The Renewables segment provides electricity from solar and wind resources, energy storage, system services that support integration of renewables into grid, and trading of Energy Attribute Certificates. The Integrated Urban Solutions segment supports sustainable development through its suite of urban, water as well as waste and waste-to-resource solutions. The Conventional Energy segment deals with the sale of energy molecules including natural gas, steam and electricity from a diversity of fossil fuels such as natural gas and coal. The Other Businesses and Corporate segment refer to businesses mainly relating to specialized construction, minting, the Group’s captive insurance and financial services, as well as corporate costs. The company was founded on May 20, 1998 and is headquartered in Singapore.

Financial Highlights

Dec 2021 SGDUSD
Revenue7,795M5,800.44M
Gross Profit1,105M822.25M
Operating income680M506.00M
Income before tax217M161.47M
Net income279M207.61M
EBITDA1,138M846.81M
Diluted EPS0.150.11
Dividends Per Share0.050.03
Total Assets14,395M10,677.59M
Total liabilities10,474M7,769.16M
Total equity3,767M2,794.19M
Operating cash flow1,014M754.54M
Currency in SGDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 9,026M 11,689M 6,735M 5,447M 7,795M
Gross Profit 1,230M 911M 1,135M 856M 1,105M
Operating income 864M 550M 779M 518M 680M
Income before tax 447M 246M 262M -22M 217M
Net income 340M 304M 269M 140M 279M
EBITDA 1,440M 1,148M 1,217M 963M 1,138M
Diluted EPS 0.18 0.16 0.11 -0.56 0.15
Dividends Per Share 0.05 0.04 0.05 0.04 0.05
Total Assets 23,745M 23,321M 23,252M 13,562M 14,395M
Total liabilities 16,571M 16,180M 16,172M 10,082M 10,474M
Total equity 5,941M 5,987M 6,070M 3,339M 3,767M
Operating cash flow 432M 249M 730M -576M 1,014M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 6,538.31M 8,662.98M 4,936.96M 3,948.85M 5,800.44M
Gross Profit 890.99M 675.16M 831.99M 620.56M 822.25M
Operating income 625.87M 407.61M 571.03M 375.52M 506.00M
Income before tax 323.80M 182.31M 192.05M -15.94M 161.47M
Net income 246.29M 225.30M 197.18M 101.49M 207.61M
EBITDA 1,043.11M 850.80M 892.09M 698.13M 846.81M
Diluted EPS 0.13 0.12 0.08 -0.41 0.11
Dividends Per Share 0.03 0.02 0.03 0.02 0.03
Total Assets 17,767.88M 17,110.05M 17,292.23M 10,261.41M 10,677.59M
Total liabilities 12,399.72M 11,870.87M 12,026.92M 7,628.34M 7,769.16M
Total equity 4,445.52M 4,392.51M 4,514.18M 2,526.38M 2,794.19M
Operating cash flow 312.93M 184.53M 535.11M -417.57M 754.54M

Valuation Measures

Dec 2021
PER12.78
ROA1.99%
ROE7.85%
Operating margin8.72%
Profit margin3.57%

Key executives

  • Group President, CEO & Director: Kim Yin Wong
  • Group Chief Financial Officer: Chee Mun Cheng
  • Chief Executive Officer-Development: Kelvin Teo
  • CEO-Singapore & Southeast Asia: Chiap Khiong Koh
  • Chief Executive Officer-South Asia: Vipul Tuli

Shareholders

  • Temasek Holdings Pte Ltd. (Investment Company) (49.5%)
  • The Vanguard Group, Inc. (1.3%)
  • ARGA Investment Management LP (1.1%)
  • Capital Research & Management Co. (Global Investors) (0.9%)
  • Norges Bank Investment Management (0.8%)
  • Nikko Asset Management Asia Ltd. (0.8%)
  • PineBridge Investments Asia Ltd. (0.7%)
  • BlackRock Fund Advisors (0.7%)
  • Victory Capital Management, Inc. (Investment Management) (0.5%)
  • Dimensional Fund Advisors LP (0.4%)

Contact Details

  • Website:http://www.sembcorp.com
  • Address: 30 Hill Street, No. 05-04, Singapore, 179360, Singapore
  • Phone: +65.6723.3113

Related Companies

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  • Sembcorp Industries Ltd. /Subsidiaries 2/
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  • Sembcorp Myingyan Power Co. Ltd.
  • Repono Interco Ltd.
  • Sembcorp Xinmin Water Co. Ltd.
  • Sembcorp Properties (China) Pte Ltd.
  • Sembcorp Myingyan Power Company (Singapore) Pte Ltd.
  • Singapore Precision Industries Pte Ltd.
  • Nanjing Riverside Quay Co., Ltd.
  • Singapore Technologies Industrial Corp. Ltd.
  • Sembcorp India Pvt Ltd.
  • Singapore Intelligent Eco Island Development Pte Ltd.
  • Sembcorp Utilities (Netherlands) NV
  • China Water Co. Yancheng Ltd.
  • Sembcorp Holdings Ltd.
  • Sembcorp Utilities (Chile) SA
  • Sembcorp (China) Holding Co. Ltd.
  • Sembcorp Development Indonesia Pte Ltd.
  • AES Hulunbeier Wind Power Co. Pte Ltd.
  • AES Huanghua Pte Ltd.
  • Pulau Holdings Pte Ltd.
  • UK Power Reserve Ltd.
  • Sembcorp Gulf O&M Co. Ltd. FFZ
  • SembWaste Pte Ltd.
  • Sembcorp Development Ltd.
  • SembCorp Financial Services Pte Ltd.
  • Sembcorp Construction Pte Ltd.
  • Sembawang Corp. Ltd.

Competitors

  • Huaneng Power International, Inc. Class H
  • Veolia Environnement SA
Last Updated on 26 Jan, 2023

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