Singapore Technologies Engineering says it has increased its revenue by 14% y-o-y to $8.3 billion for its 9MFY2024 ended Sept 30.
The jump was led by "significant" 3QFY2024 growth in its defence and public sector segment. In the 9MFY2024, this market segment recorded 18% y-o-y higher revenue, reaching $3.6 billion, says the company in its 3QFY2024 business update.
Its commercial aerospace segment generated "good" y-o-y revenue growth as well, 16% higher y-o-y in 9MFY2024, reaching $3.3 billion.
Meanwhile, another key segment, urban solutions and satellite communications hardly budged with 9MFY2024 revenue that was merely 0.3% more y-o-y. While the urban solutions sub-segment recorded growth, it was offset by further declines in satellite communications.
Within 3QFY2024, the company secured $2.2 billion in new contracts, bringing 9MFY2024 wins to $8.3 billion, and the total order book to $26.9 billion.
The company plans to maintain its quarterly dividend payout of 4 cents per share, which will go ex on Nov 26 and be paid on Dec 10.
See also: Envictus reports profit turnaround with earnings of RM50.6 mil
The 3QFY2024 updates were in line with expectations of DBS Group Research, which has maintained its "buy" call and target price of $5 following the annuncement.
ST Engineering shares closed at $4.71 on Nov 15, up 0.21% for the day and up more than a fifth year to date.
