Sembcorp Marine full-year net profit rises 3% to $556m

Lifted by $182m net profit in 4Q13.

Sembcorp Marine recorded a full year net profit of $556 million amid a challenging operating environment in 2013.

Earnings per share for the Group were 26.6 cents while Return on Equity was 22%.

Group net profit at $556 million in 2013 was 3% higher as compared with $538 million a year ago. On a quarterly basis, 4Q 2013 net profit at $182 million was 9% higher as compared with $167 million in 2012.

Excluding the non-operating items, the Group's net profit at $553 million in 2013 was 11% higher as compared with $500 million in 2012 while net profit in 4Q 2013 at $182 million was 45% higher than the $126 million recorded for the corresponding quarter last year.

Group operating profit in 2013 increased 16% to $644 million from $554 million in 2012. On a quarter to quarter basis, operating profit in 4Q 2013 at $188 million was 27% higher as compared with $148 million in 4Q 2012.

With these results, the Board of Directors recommended a total final one-tier tax-exempt cash dividend of 8 cents per share for the financial year ended 31 December 2013.

This comprises of i) A final ordinary one-tier tax-exempt cash dividend of 6 cents per share and ii) A final special one-tier tax-exempt cash dividend of 2 cents per share.

Including the interim one-tier tax-exempt cash dividend of 5 cents per share paid on 29 August 2013, the total dividend will be 13 cents per share, which translates to a payout ratio of 49% for 2013.

The proposed final and special cash dividend, if approved at the Annual General Meeting to be held on 22 April 2014, will be paid on 14 May 2014.

For its outlook, the Group said it will further improve operational efficiency, productivity and safety management as well as ensure timely delivery of projects to its customers, although margin remains challenging as the global economy remains fragile and uncertain.