Hyflux shares plunged 7% on its full-year results announcement, which saw revenues decline 15% to S$482 million (US$384 million) and post-tax profits slump 40% to S$53 million (US$42 million). “We haven’t seen such a dry year for desal as 2011,” lamented CEO Olivia Lum.

The results show a more even geographic balance in terms of revenue generation last year, with the contribution from MENA dropping from 60% in 2010 to 24% in 2011 as Hyflux’s Algerian plants neared completion, and political upheaval in the region led to project delays.

Back home, Hyflux is clearly playing it safe as it develops its new image as a power and water developer, appointing industry stalwart Siemens as the EPC contractor for the power element of the Tuaspring project. “If the contracting authority wants to have an IWPP, we now have the experience,” says Lum. She has her sights on Oman, Qatar and Kuwait.