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Singapore’s Keppel logs strong nine-month earnings growth on energy boost

Singapore’s Keppel Corp. on Thursday posted higher nine-month revenue and net profit, boosted by strong performance in its integrated power business and operational improvements in its infrastructure and connectivity segments.

The company’s infrastructure unit clocked more than S$1.3 billion ($945.94 million) of new Energy-as-a-Service contracts in the nine months ended Sept. 30, bringing long-term supply and services contract backlog to S$4.1 billion.

Keppel did not disclose a profit figure, but said revenue from continuing operations for the nine months rose 5%to S$5.27 billion.

Keppel, which announced a restructuring plan in May to transform itself into an asset manager overseeing $150 billion by 2030, with a focuson green energy, added that net profit for the September-quarter was higher, underpinned by its robust integrated power business.

Keppel sold its offshore and marine business in February for S$4.50 billion to Sembcorp Marine, recognising a gain of S$3.3 billion.

“Even excluding the gains from the divestment of our offshore and marine business, our continuing operations delivered strong performance, which bodes well for Keppel as we press forward with our asset-light strategy to grow recurring income,” Chief Executive Loh Chin Hua said in a statement.

Keppel also said it has so far achieved S$5.3 billion in cumulative asset monetisation since it began the program in October 2020, exceeding its target of S$3 billion-S$5 billion ahead of schedule. It has a target of S$10 billion-S$12 billionby 2026-end.

It projectsfund management and investment momentum to rise, adding that more than five new funds are in the process of fundraising and being planned for launch in the next two years.
Source: Reuters (Reporting by Roushni Nair and Himanshi Akhand in Bengaluru; Editing by Devika Syamnath and Sonia Cheema)

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