The accompanying notes are an integral part of the financial statements. CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) Group Note 2022 $’000 2021 $’000 Revenue B2 9,035,103 7,692,865 Cost of sales (7,336,446) (6,157,797) Gross profit 1,698,657 1,535,068 Distribution and selling expenses (194,775) (182,760) Administrative expenses (727,382) (607,974) Other operating expenses (168,636) (133,841) Other income, net 56,670 35,420 Profit from operations B3 664,534 645,913 Non-operating income, net B4 37,288 11,742 Share of results of associates and joint ventures, net of tax 33,270 15,991 Earnings before interest and tax 735,092 673,646 Finance income 11,203 11,686 Finance costs (148,829) (47,725) Finance costs, net E2 (137,626) (36,039) Profit before taxation 597,466 637,607 Taxation B6 (54,131) (70,636) Profit after taxation 543,335 566,971 Attributable to: Shareholders of the Company 535,012 570,540 Non-controlling interests F3 8,323 (3,569) 543,335 566,971 Earnings per share (cents) B5 Basic 17.18 18.30 Diluted 17.06 18.20 132 ST ENGINEERING ANNUAL REPORT 2022
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