ST Engineering’s revenue for the third quarter ended September rose 14 per cent to S$2.8 billion, from S$2.4 billion in the previous corresponding period.
The technology and engineering group also proposed a third-quarter interim dividend of S$0.04 per share, unchanged from the previous year.
For the nine months ended September, ST Engineering’s revenue amounted to S$8.3 billion, or 14 per cent higher than the S$7.3 billion in the same period a year earlier.
This was mainly driven by the group’s defence and public security, as well as commercial aerospace sectors, said the group in a business update on Monday (Nov 18).
The defence and public security sector reported an 18 per cent increase in contributions to S$3.6 billion in the first nine months of FY2024, from S$3.1 billion in the prior year.
The higher revenue was attributed to “strong growth in all sub-segments”, as well as S$8.3 billion worth of new contracts in the first nine months of FY2024.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Contributions from commercial aerospace were up 16 per cent on the year at S$3.3 billion for the nine-month period, from S$2.8 billion. This comes amid robust engine maintenance, repair and overhaul growth, said the group.
The commercial aerospace segment recorded S$2.9 billion worth of new contracts in the nine-month period, it added.
Meanwhile, revenue from the group’s urban solutions and satellite communications segment rose 0.3 per cent year on year to S$1.4 billion. This comes as urban solutions growth was offset by lower satellite communications revenue, said the group.
As at end-September 2024, the group’s order book stood at S$26.9 billion, of which S$8.3 billion are new contracts for the period under review.
Some S$2.6 billion from this year’s order book is expected to be delivered in the remaining months of 2024.
Shares of ST Engineering closed 0.2 per cent or S$0.01 higher at S$4.71 on Friday.
