Singapore’s Sembcorp Industries Ltd said on Friday its first-half profit surged 56.3%, boosted by strong performance in its conventional energy and renewables segments.

Sembcorp generates electricity from gas-fired and renewable energy power plants across Singapore, India, China and the United Kingdom, and is a key supplier of energy for the city-state, which relies on imported natural gas for around 95% of its energy needs.

Net profit before exceptional items for the conventional energy segment — the company’s biggest revenue generator — rose 47% to S$435 million ($324.41 million).

The company, which is owned by Singapore’s state investor Temasek Holdings, said its attributable profit from continuing operations for the six-month period ended June 30 came in at S$608 million, compared with S$389 million a year ago.

Sembcorp proposed an interim dividend of 5 Singapore cents per share, compared with 4 Singapore cents a year ago.
Source: Reuters (Reporting by Echha Jain and Roushni Nair in Bengaluru; Editing by Sherry Jacob-Phillips)