ST Engineering net profit up 20% to $702m in 2024

Revenue also rose 12% to $11.28b.

ST Engineering reported a 20% year-on-year (y-o-y) increase in net profit to $702m for 2024, driven by strong performances across its key business segments.

The group's revenue also rose 12% to $11.28b, whilst EBIT climbed 18% to $1.08b.

The Commercial Aerospace segment posted $4.38bin revenue (+12%), with EBIT rising 19% to $400m. Strong demand for engine MRO, nacelles, composite panels, and freighter conversions (PTF) fueled growth, with the PTF business exceeding its 2026 revenue target two years ahead of schedule.

Additionally, revenue from Defence & Public Security climbed 16% to $4.94b, whilst EBIT increased 12% to $636m, supported by gains in Digital Systems & Cyber, Land Systems, and Defence Aerospace. The Digital business surged 39% to $645m, surpassing its 2026 target of $500m.

The Urban Solutions & Satcom segment posted $1.96b in revenue, with EBIT rising to $40m. Satcom showed signs of recovery, recording 12% revenue growth in Q4 2024.

“We delivered a very strong set of results in 2024 despite an uncertain and challenging environment," the group said. "We are confident that our strong fundamentals will continue to position us well, even as we confront a fast-changing landscape."

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