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Singapore utilities’ profits hit $4.2B in 2022; Average customer profit soars from S$1,100 in 2003 to S$3,000

In 2022, Singapore’s Utilities Sector reported S$4.2 billion in profits, up from 2021’s 12.4% to a 12.8% profitability ratio. Profits per customer jumped from S$1,100 in 2003 to S$3,000.



by Leong Sze Hian

A report from SingStat has disclosed that in 2022, Singapore’s Utilities Sector—encompassing water, sewerage and electricity—generated S$4.2 billion in profits. This figure was derived from S$48.5 billion in Operating Revenue minus S$44.3 billion in Operating Expenditure.

With over 1.4 million residential, commercial and industrial customers, this amounts to an approximate cost of S$3,000 per customer (S$4.2 billion divided by 1,400,000 customers).

The sector’s revenue is poised for further growth due to an 18% increase in water prices, to be implemented in two phases in 2024 and 2025, coupled with three consecutive quarters of price hikes in electricity and gas in 2023.

The report also highlighted that the profitability ratio in 2022 reached 12.8%, marking a modest rise from 12.4% in 2021.

This surge in the utility sector’s revenue and profits per customer signifies a 172.7% increase (S$3,000 2022 divided by S$1,100 2003 profits per customer) or an average annual growth of 5.4% over the span from 2003 to 2022.

Taking into account an inflation rate of 1.9%—with the CPI escalating from 75.261 in 2003 to 108.37 in 2022—the actual annual profit increase per customer ~ stands at around 3.5% (5.4% – 1.9%).

In comparison, according to, the average net profit margin for the utility sector in the United States was 9.68% in the first quarter of 2022, increasing to 10.88% for the trailing twelve months (TTM).

Singapore’s Utilities Sector, with a profitability ratio of 12.8%, not only exceeds the U.S. average but also outshines it. Such a notable disparity may, arguably, prompt concerns over the market dynamics and regulatory oversight within Singapore.

This situation suggests a need for policymakers to conduct a thorough review to ensure that this high profitability is not a result of monopolistic practices or excessive charges, which could compromise the affordability and accessibility of essential services for the residents of Singapore.

In 2003, the estimated profit derived per customer was about S$1,100 (S$11 billion in profits divided by 1,000,,000 customers). In stark contrast, the profit per customer in 2022 was S$3,000.

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!! Hot girls are waiting for you on —

Another daylight robbery out of the so many mandatory suckings

The increase and decreases if any in see saw is nothing as compared to the necessity to mitigate abuses by the locals as well inviting foreigner and tourists. Frankly the fare is far too low as World class nations are paying at least 30% more …therefore, DO NOT decrease the tariffs instead hold it, make the profits for the growth of the country and charge unto the users, minding them that peanuts do not drop from the sky. Rebate system shall be better. Well Done and Support the Government initiatives moving forward and also the Carbon taxes, which notice of… Read more »

Can the government be less Yao Kui?

These are basic needs according to Marlows law!

Leong Sze Hian…bought some position to be head of some obscure financial society that he so proudly advertises. Suited to write articles for the loser commenters.

This Daring, Aggressively Arrogant PAP is playing with Fire 🔥 – trying to burn SG and it’s people, making obscene profits from CAPTURED MARKET Monopolies. And the lies about setting aside funds for future generations?

Overly $QUEEZING current generation to buy votes for future generation – what sort of Black Magic is Tharman?)

Wish then good luck coming Elections.

Last edited 2 months ago by 80twenty

Kenna plucked left right centre – still they say it’s the best, happiest place in the world.

Even some foreigners say SG is cheaper – how is this, best joke one can come across, nothing short of amazing in Sheepland.

Only govt. in the world that allows profits from its own citizens for essentials. Other countries subsidise or work to break even. We are sitting ducks and easy targets because we are Singaporeans. Our enemy is turning out to be the ruling party.

And all along we have been conditioned to think our Singapore Power is managing our utilities on a cost plus basis.

What the numbers seem to show is that the 18% water price increase for 2024/25 is not necessary. Ditto for the various increases in 2023 for gas and electricity.

Perhaps Leong Sze Hian can investigate what happened to the profits all these years. Were they reinvested in new facilities? Were the profits channelled back to the Finance Ministry to be part of the Reserves?

Now you know why your electric amd water cost so much.
Cos someone was thinking…

Nice… the increase is so minor . /counting the dollars earnt must be fun and yes. why not, ? all pay the same pockets if the heat is too much, go to JB!

The future generations, the unborn must be taken care of – who are they? How many? Where are they from when TFR is hopeless under this PAP Administration bunch of idiot Millionaires?

And the populace smilingly, happily believe so many lies, ambiguities, VAGUE promises – these are the meanings of sheeps giving their backs to the corrupted people in return for chicken wings, candies peanuts which they DO NOT FEEL STARVED, DEPRIVED. Strange.

Last edited 2 months ago by 80twenty

imagine we could save our electricity consume by 10%
as result, they would get less revenue.
so they would increase the electricity tarif by 10%
song bo?

SillyPore is truly the land of opportunities, … where you have the confluence of an ever~giving and ever~willing populace, … and a money centric regime !!!

There will be an explanation of course If not, POFMA will be issued. But POFMA will just redirect readers/viewers to the same statement that says nothing. A convoluted explanation too. Repeated by SPH to confuse the voter further. And the laziness in thinking ( promoted by not encouraging deeper thought in schools, SAF, Police etc… and employers along with unions too!!) Change can only begin at the ballot box The moment PAP understands that they have lost control of parliament, the effects will be felt immediately. Police, SAF personnel will be on the streets, visibly. Under the guise of “security”… Read more »