ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Electronic Technology

Singapore Technologies Engineering Ltd.

Company Background

Singapore Technologies Engineering (ST Engineering) is one of Asia's largest defense and engineering groups. It has over 100 subsidiaries and associate companies spanning in 24 countries, which cover its four core businesses -- aerospace, land systems, electronics and marine. Singapore's sovereign wealth fund, Temasek Holdings, holds a more than 50% stake. In 2013, it acquired 90% of an automotive maintenance company in Brazil. Tan Pheng Hock, a veteran who joined ST Marine in 1981, has led the company as president and CEO since 2002.

ST Engineering was born in 1997 through a merger of four publicly-listed companies. Its origins trace back to 1967, when one of the precursors, Chartered Industries of Singapore, was set up by the newly-independent Singaporean government. Its original role was to make ordnance for the Singapore Armed Forces, and the SAF remains ST Engineering's top client today. The company is now the world's largest producer of 40mm munitions. The company has also diversified over the years, and now supplies both military customers and commercial ones in over 100 countries. Non-defense business makes up more than 60% of total revenue. In aviation services, it is the world's top airframe MRO (maintenance, repair and overhaul) provider, with a large presence in China.

Business Summary

Singapore Technologies Engineering Ltd. is a global technology, defense and engineering group. It operates through the following segments: Aerospace, Electronics, Land Systems, Marine, and Others. The Aerospace segment provides a spectrum of aircraft maintenance, engineering and training services for both military and commercial aircraft operators. The Electronics segment specializes in the design, development and delivery of information communications technologies products, solutions and services for smart cities connectivity, mobility and security. The Land Systems segment delivers customized land systems, security solutions and their related through-life support for defense, homeland security and commercial applications. The Marine segment includes turnkey and sustainable defense and commercial solutions to the marine, offshore and environmental engineering industries. The Others segment involves in research and development, provision of engineering products and solutions, treasury, investment holding and provision of management, consultancy and other support services. The firm uses its technology and innovation to solve real-world problems through its diverse portfolio of businesses across the aerospace, smart city, defense and public security segments. The company was founded in 1967 and is headquartered in Singapore.

Financial Highlights

Dec 2021 SGDUSD
Gross Profit1,496.21M1,113.36M
Operating income746.10M555.19M
Income before tax621.61M462.55M
Net income570.54M424.55M
Diluted EPS0.180.13
Dividends Per Share0.150.11
Total Assets10,673.34M7,917.03M
Total liabilities8,005.13M5,937.86M
Total equity2,412.76M1,789.68M
Operating cash flow1,104.97M822.23M
Currency in SGDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 6,521.06M 6,697.92M 7,868.27M 7,158.28M 7,692.86M
Gross Profit 1,297.71M 1,393.78M 1,658.68M 1,511.70M 1,496.21M
Operating income 654.18M 683.73M 811.09M 736.45M 746.10M
Income before tax 562.48M 571.69M 656.26M 504.01M 621.61M
Net income 502.63M 494.24M 577.94M 521.84M 570.54M
EBITDA 871.13M 927.77M 1,179.35M 1,115.08M 1,144.19M
Diluted EPS 0.16 0.15 0.18 0.16 0.18
Dividends Per Share 0.15 0.15 0.15 0.15 0.15
Total Assets 8,247.39M 7,876.43M 9,683.09M 10,212.11M 10,673.34M
Total liabilities 5,751.06M 5,341.82M 7,192.09M 7,637.32M 8,005.13M
Total equity 2,215.01M 2,246.37M 2,222.27M 2,292.61M 2,412.76M
Operating cash flow 802.87M 651.15M 581.58M 1,487.75M 1,104.97M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 4,723.77M 4,963.99M 5,767.69M 5,189.46M 5,724.44M
Gross Profit 940.04M 1,032.96M 1,215.87M 1,095.92M 1,113.36M
Operating income 473.87M 506.72M 594.56M 533.90M 555.19M
Income before tax 407.45M 423.69M 481.06M 365.38M 462.55M
Net income 364.09M 366.29M 423.65M 378.31M 424.55M
EBITDA 631.04M 687.59M 864.50M 808.39M 851.42M
Diluted EPS 0.11 0.11 0.13 0.12 0.13
Dividends Per Share 0.10 0.11 0.10 0.10 0.11
Total Assets 6,171.35M 5,778.75M 7,201.19M 7,726.78M 7,917.03M
Total liabilities 4,303.39M 3,919.16M 5,348.67M 5,778.62M 5,937.86M
Total equity 1,657.44M 1,648.11M 1,652.68M 1,734.66M 1,789.68M
Operating cash flow 581.59M 482.58M 426.32M 1,078.55M 822.23M

Valuation Measures

Dec 2021
Operating margin9.69%
Profit margin7.41%

Key executives

  • President, CEO & Non-Independent Director: Sy Feng Chong
  • Chief Financial Officer: Chee Keng Foo
  • Group Financial Controller & Senior VP: Keen Leong Fan
  • Group Chief Operating Officer: Ravinder Singh
  • President-Urban Solutions: Men Leong Chew


  • Temasek Holdings Pte Ltd. (Investment Company) (49.7%)
  • Capital Research & Management Co. (Global Investors) (2.5%)
  • BlackRock Fund Advisors (1.5%)
  • The Vanguard Group, Inc. (1.3%)
  • Temasek Capital Pte Ltd. (0.9%)
  • Norges Bank Investment Management (0.7%)
  • Massachusetts Financial Services Co. (0.5%)
  • Geode Capital Management LLC (0.5%)
  • JPMorgan Asset Management (Singapore) Ltd. (0.4%)
  • Jupiter Asset Management Ltd. (0.4%)

Contact Details

  • Website:
  • Address: No. 07-01, ST Engineering Hub, 1 Ang Mo Kio Electronics Park Road, Singapore, 567710, Singapore
  • Phone: +65.6722.1818

Related Companies

  • STE TransCore Holdings, Inc.
  • ST Engineering Aerospace Engines Pte Ltd.
  • ST Engineering North America, Inc.
  • ST Engineering Land Systems Ltd.
  • ST Engineering RHQ Ltd.
  • Singapore Technologies Engineering Ltd. /2 Subs/
  • ST Engineering Treasury Pte Ltd.
  • Pacific Flight Services Pte Ltd.
  • ST Engineering Synthesis Pte Ltd.
  • Precision Products Singapore Pte Ltd.
  • Pacific Flight Service Pte Ltd.
  • iDirect Asia Pte Ltd.
  • ST Engineering Ventures Pte Ltd
  • ST Aerospace International Structures Pte Ltd.
  • Moser Marino & Figli SRL
  • Composite Technology International Pte Ltd.
  • ST Electronics (Satellite Systems) Pte Ltd.
  • Singapore Technologies Dynamics Pte Ltd.
  • ST Engineering Co., Ltd.
  • ST Engineering Aerospace Aircraft Maintenance Pte Ltd.
  • ST Aerospace Systems Pte Ltd.
  • ST Trustees Ltd.
  • Double Helix Pte Ltd.
  • ST Electronics (Shanghai) Co., Ltd.
  • ST Electronics (Info-security) Pte Ltd.
  • Singapore Technologies Shipbuilding & Engineering Ltd.
  • ST Aerospace Engines Pte Ltd.
  • ST Engineering Financial I Ltd.
  • FusionTech Pte Ltd.
  • Chartered Industries of Singapore Pte Ltd.


  • Astec Industries, Inc.
  • ViaSat, Inc.
  • AerSale Corporation
  • Gilat Satellite Networks Ltd.
  • Comtech Telecommunications Corp.
  • EchoStar Corporation Class A
Last Updated on 7 Feb, 2023

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more