On the other hand, its other key segement, defence and public security, reported revenue of $3.09 billion for 9MFY2023, down 1% y-o-y. ST Engineering attributes the positive growth momentum to its strategic initiatives. These include efficient cost management like the 20% reduction in headcount of its USS segment’s satcom business portfolio in 1HFY2023, which should reduce costs by $30 million to $60 million over the next five years.
Singapore Technologies Engineering (ST Engineering), the global technology, defence and engineering company, is riding on an upward trajectory for the year, with a near-record $27.5 billion order book, improving financials and strategic acquisitions.
In its business update for 9MFY2023 ended Sept 30, 2023, the company reported revenue of $7.3 billion, 12% higher y-o-y from $6.5 billion in 9MFY2022. Notably, its commercial aerospace segment saw a 30% y-o-y growth in revenue to $2.83 billion, while its urban solutions and satcom segment (USS) recorded 13% y-o-y growth to $1.36 billion.
