Business Briefs: Sembcorp

Sembcorp

The drive to install solar panels is hotting up. A day after it was announced that Sembcorp was picked to build a floating solar farm in Tengeh Reservoir, the government-linked company said it has clinched another project.

In a statement on Wednesday, Sembcorp said its wholly owned subsidiary Sembcorp Solar will install rooftop solar panels for Singapore Airlines (SIA) and SIA Engineering Company (SIAEC).

Sembcorp Solar will install, own and operate more than 20,000 solar panels with a total capacity of 8.2 megawatt-peak, making it the largest such project in the aviation sector here.

The panels will be installed in several locations, including SIA's Airline House, SIA Training Centre and five of SIAEC's hangars.

When completed in June this year, the project is expected to produce more than 10,200 megawatt-hours of power annually - enough to power more than 2,290 four-room HDB flats for a year.

"It will also help offset over 4.3 million kg of carbon dioxide emissions a year, equivalent to taking approximately 930 cars off the road or planting over 52,000 trees," Sembcorp said.


Vicom

Higher operating costs and the absence of a one-off item drove vehicle inspection firm Vicom's earnings lower last year.

Revenue for the year ended Dec 31 last year grew by 3.6 per cent to $103.7 million, but earnings attributable to shareholders fell by 18.1 per cent to $28.4 million.

Vicom said its operating expenditure rose by 2.1 per cent to $69.5 million, led by higher depreciation and amortisation.

It also noted that there was a net one-off other income of $7.6 million in 2018 arising from the surrender of a lease at one of its properties. Excluding this, earnings for last year would have been 5 per cent higher.

Vicom expects headwind this year, with an expected economic downturn contributed by the developing coronavirus crisis dampening its non-vehicle inspection business.

Its core vehicle inspection business, however, should benefit from another record year of certificate of entitlement revalidations - where motorists extend the lifespan of their cars beyond 10 years.

These older cars are subject to more frequent inspections.

Directors are recommending a final dividend of 24.29 cents per share, versus 23.17 cents plus a special dividend of 8.62 cents in the previous corresponding period.

A version of this article appeared in the print edition of The Straits Times on February 14, 2020, with the headline 'Business Briefs'. Print Edition | Subscribe