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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.

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Meanwhile, the utilities firm's Urban Integrated Solutions division - which includes water and waste management services - experienced a fall in net profit compared to the same period last year, moving from £37.7bn (S$63m) to £37.1m (S$62m).

Sembcorp also said its first half performance had been helped by favourable gas hedges in Singapore. It warned costs are expected to increase in the remainder of the year - driven by interest rates and higher borrowing costs arising from its acquisitions in China - and noted the risk of global recession could negatively impact its operations. Full year results are expected to be significant higher than 2021.

Wong Kim Yin, group president and CEO of Sembcorp Industries, said: “Our Conventional Energy segment delivered a strong performance, driven by higher electricity price in Singapore and India, as well as realised gains from favourable gas hedges in Singapore. The Renewables segment has gained good traction since we announced our transformation strategy.

"Sembcorp’s gross renewables capacity installed and under development globally now stands at 7.1GW, bringing us closer to our target of 10GW of gross installed renewables capacity by 2025. We remain focused on the execution of our brown to green transformation strategy, to deliver lasting value and growth to our stakeholders.”