For FY2025 ended Dec 31, Sembcorp Industries has reported $984 million in net profit attributable to shareholders, a y-o-y dip of 3%, as the gain from the divestment of SembEnviro was offset by the foreign exchange loss on the deferred payment note. On a diluted basis, earnings per share was 54.71 cents.
Comparable to FY2024, underlying net profit, before exceptional items (EI) and deferred payment note forex gain/loss, was $1 billion, as earnings growth from the renewables and integrated urban solutions segments offset lower earnings from the gas and related services segment.
Sembcorp's net profit before EI declined 16% y-o-y to $849 million while total turnover decreased approximately 10%, from $6.4 billion to $5.8 billion.
On a segmental basis, underlying net profit for the gas and related services segment decreased by 3.7% y-o-y to $701 million. Contribution from the UK business was less while generation spreads in Singapore declined. These were offset by higher contribution from Senoko Energy.
As of February 2026, approximately 80% of Sembcorp’s portfolio in Singapore is on contracts of five years and above, providing earnings visibility. However, Sembcorp warned that the segment is expected to be affected by reduced margins for newly contracted volumes in Singapore, with 5% of portfolio and approximately half of Senoko Energy’s portfolio to be re-contracted. The effect would be partially offset by operational and financial synergies from the two portfolios.
In addition, Sembcorp says that the 4Q2026 scheduled commissioning of the 600MW hydrogen-ready power plant will further "enhance the fuel and cost efficiency" of its portfolio, putting the company in position to capture growing power demand in Singapore, particularly from data centres and high-tech manufacturing sectors.
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For the renewables segment, a stronger performance from the India renewables portfolio led to a 5% y-o-y increase in net profit before EI to $192 million. Operational capacity increased to 15.0 GW as of end-2025, a 1.9 GW increase from end-2024. Including projects under construction, Sembcorp’s gross renewables capacity is 20.4 GW.
Sembcorp says that the India, the Middle East and Singapore renewables businesses will continue to grow, with new capacity progressively coming online between 2026 to 2030. Contribution from China is expected to be affected by the cancellation of the value-added tax refund for onshore wind power sales, curtailment and downward pressure on tariff.
The integrated urban solutions segment saw a 3% y-o-y increase in net profit before EI to $178 million. Sembcorp says the urban business continues to build up its portfolio of low-carbon industrial parks and ready-built industrial space as well as continuing to “sharpen” its portfolio focus in the water business with the divestment of a municipal water business in China.
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Sembcorp adds that the segment is making "steady" progress in developing 0.8 million sqm of ready-built factories which are expected to deliver meaningful recurring income post-completion in 2027.
For the acquisition of Alinta Energy, which is expected to complete by the end of 1H2026, Sembcorp projects that it will enhance its earnings base, broadening recurring cash flow and supporting sustainable dividends for the future.
In a statement, CEO Wong Kim Yin says that the company delivered a “resilient” performance for the year which reflects its diversified portfolio. “Looking forward, our diversified portfolio, together with the acquisition of Alinta Energy, strengthens our position to capture future growth opportunities.”
Sembcorp has proposed a final dividend of 16 cents per share. Together with the interim dividend of nine cents paid in August 2025, total dividend for FY2025 will be 25 cents per share, representing an increase of 9% compared to 23.0 cents in FY2024.
Shares in Sembcorp closed five cents, or 0.8% lower at $6.30 on Feb 24.
