ST Engineering's stock is soaring 3.02% in the pre-market session following the release of its impressive financial results and the announcement of a special dividend. The company's strong performance across all business segments has caught investors' attention, driving the stock price upward.
The engineering conglomerate reported a 9% year-on-year increase in revenue, reaching S$9.1 billion for the nine months ended September 30. This growth was achieved despite an impairment of S$667 million, showcasing the resilience of ST Engineering's business model. The company's ability to deliver strong results across all three of its business segments has instilled confidence in investors.
Adding to the positive sentiment, ST Engineering announced a proposed special dividend of S$0.05 per share for its shareholders. This move, attributed to cash proceeds from recent divestments, demonstrates the company's commitment to returning value to its investors. The combination of robust financial performance and shareholder-friendly actions has created a bullish outlook for ST Engineering, reflected in the significant pre-market stock price increase.