FINANCIAL REVIEW THE GROUP DELIVERED RECORD REVENUE AND NET PROFIT IN FY2024 The Group ended 2024 with a revenue of $11.3b, reflecting a 12% year-on-year (y-o-y) increase from $10.1b, contributed by all business segments. Group earnings before interest and tax (EBIT) reached a new high of $1.08b as it rose 18% y-o-y from $915m, attributed to higher EBIT from all business segments. Group profit before tax (PBT) was $863m, 23% higher y-o-y from $704m while Group profit attributable to shareholders (Net Profit) grew 20% y-o-y to $702m from $586m in the prior year. The Group delivered a very strong set of results despite an uncertain and challenging environment. The Group achieved $12.6b in new contract wins in 2024. With these new contract wins and adjustments for revenue delivery, the Group ended 2024 with a robust order book of $28.5b. The Group expects to deliver about $8.8b from this order book in 2025. The Board has proposed a final dividend of 5.0 cents per ordinary share. Together with the three quarterly interim dividends of 4.0 cents per ordinary share (paid in 2024), the total dividend for FY2024 will be 17.0 cents per ordinary share. FINANCIAL POSITION The Group’s total assets of $16.2b as at 31 December 2024 grew by $842m as compared to the prior year. The increase was due largely to increases in the categories of i) trade receivables, contract assets, advances and other receivables, and ii) inventories to support business growth. The average capital employed in FY2024 was $9,512m, a decrease of $100m from the prior year. The lower average capital employed was attributed to reduction in borrowings, partially offset by higher equity. 12,000 6,000 2,000 4,000 8,000 10,000 0 CAPITAL EMPLOYED ($m) 2023 2024 9,612 9,512 Borrowings Equity Others 18,000 6,000 2,000 4,000 8,000 10,000 12,000 14,000 16,000 0 TOTAL ASSETS DEPLOYMENT ($m) 2023 Property, Plant & Equipment and Right-of-Use Assets Intangibles and Other Assets Inventories Trade Receivables, Contract Assets, and Advances and Other Receivables Bank Balances and Other Liquid Funds 2024 15,379 16,221 44 ST ENGINEERING | ANNUAL REPORT 2024
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