2004: A Record Year
SembCorp Marine today reported a record net profit for the full year 2004 at $95.0 million, up 21% over the same period last year. Net profit (exclude EI) for FY 2004 registered a 26.9% growth at $98.1 million as compared with $77.3 million in FY 2003.
Group turnover for FY 2004 was at a record high at $1,362.8 million, an increase of 27.6% from $1,068.0 million in FY 2003. The increase was attributable mainly to increases from both the ship conversion and ship repair sectors. For the shipbuilding and rig building sectors, majority of the projects are still in the early stages of production and as such are not taken up in FY 2004.
Group operating profit saw an increase by 26.3% from $74.3 million in FY 2003 to $93.9 million in FY 2004. Group pre-tax profit recorded an increase by 19.8% to $114.0 million in FY 2004 as compared with $95.2 million in FY 2003.
Group tax charge in FY 2004 decreased from the FY 2003 mainly due to write-backs of over-provision of tax in respect to prior years arising from a 2% reduction in the corporate income tax rate. Group attributable profit registered an increase by 21.0% from $78.5 million in FY 2003 to $95.0 million in FY 2004.
Excluding exceptional items, Group attributable profit increased by 26.9% from $77.3 million in FY 2003 to $98.1 million in FY 2004.
Dividend for 2004 at 7.5 cents per share
In view of the companyís record performance, the Board of Directors is recommending a final gross dividend of 1.00 cents per share and a special dividend of 5.0 cents per share, totaling up to 6.0 cents per share. Together with the interim gross dividend payment of 1.5 cents (interim 0.75 cents and special 0.75 cents), total gross dividend for 2004 will be at a record high at 7.5 cents per share. This is 2.5 cents per share higher than 2003.
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