"The Renewables segment is expected to perform well as more greenfield projects are commissioned and brownfield acquisitions are completed progressively, in the course of the year," the company said in a statement.
Sembcorp Industries, which has a diversified renewable portfolio comprising wind, solar and energy storage across Asia, the UK and Middle East, said it was ready to grow its renewables portfolio and navigate the path of energy transition.
The Singapore-based firm also expects earnings from gas and related services to remain robust even after its significantly "contracted position" in the segment. The company has a conventional power capacity of 7.4 gigawatts (GW), which it provides to industries and communities across key world markets.
"We are encouraged by our strong performance in 2023 and will focus on the execution of our 2024–2028 strategy, to transform our portfolio from brown to green and drive energy transition," CEO Wong Kim Yin said.
The company said its net profit after exceptional items for the year ended Dec. 31 came in at S$942 million ($699.70 million), compared with S$848 million reported last year.
Net profit before exceptional items surged 38% on a yearly basis to S$1.0 billion in fiscal 2023.
Sembcorp said net profit for the gas and related services segment increased 30% to S$809 million in fiscal 2023 as it benefited from higher power prices in Singapore amid heightened geopolitical tensions and supply snags.
Contributions from acquisitions in China and India as well as from the energy storage and solar operations in Singapore pushed profit from the renewables segment higher by 42% to S$200 million.
The company, owned by Singapore's state investor Temasek Holdings, also proposed a final dividend of 8 Singapore cents, from 4 cents per ordinary share last year.
