The group’s EBIT grew 9.1% despite reduction in government support.
ST Engineering recorded a 17.6% increase in their group revenue for the full fiscal year (FY2022) ended 31 December 2022.
The group’s financial reports revealed its revenue grew to $9b from $7.7b in the previous fiscal year (FY2021).
ST Engineering’s earnings before interest and tax (EBIT) rose 9.1% year-over-year to $735m from $674m despite a $203m reduction in government support.
However, its net profit fall 6.2% for FY 2022 to $535m from $571m in FY 2021.
The company said that the recovery of Singapore’s aviation industry and the acquisition of TransCore in March 2022 are the main drivers behind the growth of the company’s revenue.