ST Engineering said third-quarter revenue grew 9% to S$3.4 billion, while its order book reached a record S$37.7 billion, signaling a larger pipeline of work that includes U.S.-linked contracts.
For U.S. readers, the contract awards include maintenance and support for the U.S. Navy's fleet and modernization of tolling infrastructure for the Tampa-Hillsborough Expressway Authority. A five-year ammunition supply agreement with the British Ministry of Defence and Singapore defense command-and-control projects were also among the nine-month awards.
Revenue for the first nine months was S$10 billion, up 10% from S$9.1 billion a year earlier. Excluding LeeBoy, the U.S.-based construction equipment business divested on Sept. 4, 2025, growth was 13% on a rebased basis. Commercial aerospace contributed about S$4.1 billion, up 12%, while urban solutions and satellite communications generated about S$1.7 billion, up 15%. Defence and public security remained the largest segment, with about S$4.3 billion in revenue, a 7% increase.
Quarterly revenue also grew across all three segments. Defence and public security rose 8% to S$1.4 billion, commercial aerospace advanced 7% to S$1.4 billion, and urban solutions and satellite communications increased 15% to S$600 million.
Contract wins over the nine months totaled S$13.2 billion, including S$5.6 billion in the third quarter. S$1.7 billion in order-book recognition tied to the New Jersey Turnpike Authority was not part of the wins total. The backlog was S$33.2 billion at the end of 2025 before reaching its September record. About S$3.1 billion is expected to be delivered during the rest of 2026.
The company declared a third-quarter interim dividend of 5 Singapore cents per share, compared with 4 cents a year earlier. Dividends of 4 cents for the first quarter and 5 cents for the second brought the first-nine-month total to 14 cents per share.
ST Engineering also reported that operating expenses were 9% of revenue in the first nine months, its lowest ratio on record, compared with 10.2% for all of 2025. The 2025 figure excludes a one-time impairment loss at the iDirect group.
