Energy business Sembcorp Industries has delivered a huge 94% rise in net profits to £290m (S$490m), thanks to higher electricity prices in its native Singapore and India.
The owner of the Wilton International manufacturing site - part of Teesside Freeport - saw turnover increase 45% to £2.8bn (S$4.8bn) as its Conventional Energy and Renewables divisions both contributed growth. In the first half of the year Sembcorp said its renewables business more than trebled net profit to £45.5m ($76m) thanks to acquisitions of Chinese producers SDIC New Energy and Shenzhen Huiyang New Energy.
Last year, it was announced Wilton International would host the onshore power plant to convert energy from part of the Sofia Wind Farm at Dogger Bank into electricity for the National Grid. Across Conventional Energy, net profit increased 115% to £237m.
