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 new contracts in the first nine months of FY2024.
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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.
