(EnergyAsia, March 2 2012, Friday) — Singapore’s marine and industrial conglomerate Sembcorp Industries said its net profit grew 2% from S$792.9 million in 2010 to S$809.3 million in 2011, while turnover was up 3% from S$8.8 billion to S$9 billion. (US$1=S$1.25)

Its best performers continued to be its utilities and marine businesses, which accounted for 37% and 55% of group net profit respectively. Its utilities business delivered robust profit growth in FY2011, with net profit growing 32% to S$304.4 million. Record profits for the business were driven by good operating performance in Singapore, China and Middle East and Africa.

Marine’s FY2011 net profit contribution fell to S$456.2 million from S$492.8 million in FY2010.

Sembcorp said its return on equity was 20.4% and earnings per share, for a yield of 45.3 Singapore cents for the year. Economic value added was a positive S$728.2 million while cash and cash equivalents stood at S$3 billion.

Tang Kin Fei, Sembcorp Industries’ Group President and CEO, said:

“In 2011, Sembcorp delivered a good performance underpinned by our utilities, marine and integrated urban development businesses. Our utilities business achieved strong profit growth and record profits in the year. We also achieved significant milestones that demonstrate our ability to execute greenfield projects and extract value from brownfield acquisitions.

“In 2011, we successfully completed the first phase of our Salalah Independent Water and Power Plant in Oman and commenced development of our new energy and water facilities in Singapore, power plant in India and integrated new yard in Brazil.

“Following our acquisition of Cascal in 2010, its operations in 18 locations across eight countries were also successfully integrated into the Sembcorp Group and delivered a strong performance.

“While there may be further global economic challenges ahead, we remain confident of Sembcorp’s future. With a global footprint across six continents including growing emerging economies such as China, India, South Africa, Brazil and Chile, and a healthy pipeline of new projects that we have built up, our businesses are well-positioned to continue to deliver shareholder value and long-term growth.”