LETTER TO SHAREHOLDERS Another key focus has been the effects of ongoing geopolitical tensions on our defence business. We remain committed to a strategy anchored on sustainable growth, addressing evolving defence needs driven by technology advances. We are also strategic in selecting target markets and focusing on products where we have a clear advantage, such as ammunition, land and naval platforms. Recent successes such as our collaboration with Kazakhstan Paramount Engineering to establish in-country production in Kazakhstan for a new 8x8 amphibious armoured vehicle, and the NATO-standard 155mm ammunition contracts with new European customers affirm both the growing trust in our defence solutions and our competitive edge. In Singapore, our position as the strategic partner in the Singapore defence ecosystem demands that we consistently drive technological advancements and deliver cutting-edge solutions, along with steadfast local support. This commitment ensures superior reliability and responsiveness, reinforcing our role in the operational readiness of our nation’s security. Our Smart City business, particularly Smart Mobility, is integral to our growth strategy. Strong expansion potential is evident through key rail contract wins across Asia and Australia. In addition, we are pushing boundaries in other transformative projects such as our smart water platform enhancing services for Aegea in Brazil and a contract to design and operate an advanced smart city platform for Lusail City in Qatar, marking the city’s bold step towards full smart city integration powered by our advanced AI and datadriven technologies. These successes fuel our growth, reinforce our position as a leader in smart city innovation and enable customers to optimise operations while addressing evolving urban challenges. Meanwhile, in the U.S., our TransCore business gains momentum in reinforcing its leadership in tolling technology and back-office solutions through new contract wins and successful project execution. TransCore is now well positioned for expansion into Asia, after securing its first tolling solution contract in Southeast Asia, a beginning of the manifested synergies we anticipated from its acquisition. While our Smart City business continues its strong trajectory and expands its footprint, we also recognise the challenges in our Satcom business. We remain very focused on its turnaround and longterm success, acknowledging that every transformation inevitably comes with risks and hurdles. Early signs of improvements in the last quarter of 2024 are encouraging but work remains to be done. In the rapidly evolving satellite industry marked by disruptions from new entrants and opportunities from new constellations and technologies, we aim to benefit from our innovative technologies and proactive strategies to capture new revenue opportunities. Our investment in developing ‘Intuition’, the nextgeneration, cloud-native, softwaredefined ground system for multi-orbit environments is one such example. ... we ensure that our R&D efforts are both synergistic and impactful, with tangible business outcomes TOTAL CONTRACT WINS $12.6b Commercial Aerospace: $4.7b Defence & Public Security: $5.3b Urban Solutions & Satcom: $2.6b for FY2024 ORDER BOOK $28.5b as at 31 December 2024 6 ST ENGINEERING | ANNUAL REPORT 2024
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