ST Engineering reports 1Q22 revenue recovered to pre-Covid levels

Singapore Changi Airport Terminal 4 departure boardSingapore Changi Airport Terminal 4 departure board

ST Engineering reported Friday its first quarter revenue came in at S$2 billion, up 13 percent on-year from the first quarter of 2021, and on par with the first quarter of 2020, before the Covid pandemic’s impact.

All segments reported growth, with commercial aerospace reporting revenue increased 22 percent on-year in the three months ended 31 March, while urban solutions revenue rose 12 percent and defence and public security revenue grew 9 percent, the company said in a filing to SGX.

Commercial aerospace’s revenue increased on the gradual re-opening of borders and recovery in maintenance, repair and overhaul (MRO) demand, as well as healthy orders for nacelles, ST Engineering said. The segment secured S$900 million of new contracts in the first quarter, the filing said.

Urban solutions posted higher revenue on higher smart city project deliveries, the filing said, adding S$200 million of new contracts were acquired in the quarter.

Defence and public security reported higher revenue on strong growth from the digital systems and cyber business, with S$1.3 billion in new contracts in the quarter.

ST Engineering approved an interim dividend of 4 Singapore cents a share, the filing said.