Singapore’s Keppel posted a more than four-fold increase in full-year profit on Thursday (February 1), mainly supported by one-off gains from the sale of its offshore and marine (O&M) division.
Keppel, which was founded 56 years ago and traces its roots to shipyards, recorded a profit of S$3.3 billion (US$2.46 billion) after selling its O&M business in February last year.
Thanks to this sale and the strong performance of its infrastructure division, Keppel posted a record full-year net profit of S$4.07 billion, compared to a profit of S$927 million in the same period last year.
On a rolling basis, the Keppel REIT unit’s net profit excluding losses on intraspecies distributions increased by 19% to S$996 million.
The company’s infrastructure division’s net profit more than doubled to S$699 million, thanks to its integrated power business.
Keppel expects infrastructure to be one of the fastest growing asset classes in the coming years, supported by global energy transition and decarbonization trends.
The company said it has a deal flow pipeline of over S$14 billion, the majority of which is in the infrastructure and connectivity segment.
Keppel aims to transform into an asset management company with US$150 billion under management by 2030 and focus on green energy, with a final dividend of 19 Singapore cents per share (up from 18 cents per share last year). Announced.