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Global asset manager and operator, Keppel Ltd. (Keppel) has released its voluntary business update for 1Q 2026. Keppel performed resiliently amidst the volatile international environment, with the net profit for the New Keppel, excluding the Non-Core Portfolio for Divestment[6] and Discontinued Operations[7], slightly lower year on year (yoy). Stronger performance in the Infrastructure and Connectivity segments were offset by lower contributions from the Real Estate segment, which had benefitted from higher valuation and divestment gains in 1Q 2025. Recurring income improved slightly yoy, supported by higher income from operations and stable asset management net profit.
[1] Excludes the Non-Core Portfolio for Divestment and Discontinued Operations.
[2] The aggregate post-tax net profit generated by all Keppel fund management platforms for the relevant reporting period, excluding any gains or returns attributable to Keppel’s equity stake in the REITs/Trusts and Sponsor’s stake in its invested funds.
[3] Net cash from/used in operating activities and investing activities.
[4] Fees for providing management and other services to funds, listed REITs and Trust. Such fees include acquisition fee, management fee, divestment fee and carry. It is based on 100% fees from subsidiary managers, joint ventures and associated entities, annualised fees for platform/asset acquired during the year, as well as share of fees based on shareholding stake in associate with which Keppel has strategic alliance. It includes fees on sponsor stakes and co-investments, including for funds which are wholly owned by Keppel. It is calculated based on gross asset management fees before rebates: 100% for platforms that Keppel owns ≥50% stake, and pro-rata by ownership for <50% stake.
[5] Monetisation deals that are announced but may not have been completed. Refers to the gross consideration value from such sales and net debt that is deconsolidated from Keppel’s balance sheet as a result.
[6] Mainly the legacy O&M assets, residential landbank, selected property developments and investment properties, hospitality and logistics assets, associated cash and receivables, and other non-core investments that are not aligned with Keppel’s strategic focus as an asset-light global asset manager and operator. Metrics relating to the New Keppel exclude the effects of Non-Core Portfolio for Divestment and Discontinued Operations.
[7] In accordance with SFRS(I) 5 Non-current Assets Held for Sale and Discontinued Operations, the performance of M1 and its subsidiaries, excluding the technology solutions and services business and other carved out assets (“M1 Telco”) are presented as discontinued operations for the financial period, with comparative information re-presented accordingly.
Global asset manager and operator Keppel Ltd. (Keppel) reported a net profit of $530 million for the first half ended 30 June 2026, 25% higher yoy, excluding the Non-Core Portfolio for Divestment[7]. This was underpinned by significantly higher contributions from SSCI, as well as stronger recurring income contributions from asset management and the operating platform.
[1] Excludes the Non-Core Portfolio for Divestment and Discontinued Operations.
[2] Refers to Keppel’s sponsor stakes in and co-investments alongside with listed REITs/Trust, private funds and separately managed accounts that Keppel manages.
[3] Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested FUM. Leverage is defined as total debt over gross asset value. For the private funds, the typical leverage is not more than 60% on a portfolio basis. It includes 100% of FUM managed by subsidiary managers, joint ventures and associated entities, as well as share of FUM based on shareholding stake in associate with which Keppel has strategic alliance. FUM is reported in SGD based on closing exchange rates at the end of the reporting period.
[4] Monetisation deals that are announced but may not have been completed. Refers to the gross consideration value from such sales and net debt that is deconsolidated from Keppel’s balance sheet as a result.
[5] Subject to conditions being met, including the right to opt-out from divestment for any of the four remaining rigs.
[6] Subject to certain conditions being met including, among others, the purchase price of the additional four rigs falling within an agreed valuation range for each such rig.
[7] Mainly the legacy O&M assets, residential landbank, selected property developments and investment properties, hospitality and logistics assets, associated cash and receivables, M1 Telco and other non-core investments that are not aligned with Keppel’s strategic focus as an asset-light global asset manager and operator. Metrics relating to the New Keppel exclude the effects of Non-Core Portfolio for Divestment and Discontinued Operations.
Keppel Ltd. has released its voluntary business update for 1Q 2025, reporting a year-on-year increase of more than 25% in net profit, excluding legacy O&M assets[1], driven by strong and steady performance in the Infrastructure segment, higher contributions from the Real Estate segment, and stronger performance in Asset Management, which included a full quarter of contributions from Aermont Capital. Recurring income, comprising profits from asset management and operations, made up more than 80% of Keppel’s 1Q 2025 net profit, excluding the legacy O&M assets.
[1] Legacy offshore and marine (O&M) assets comprise Seatrium shares, the legacy rigs, Floatel, KrisEnergy and Dyna-Mac (which was divested in 2024).
[2] Includes 100% fees from subsidiary managers, joint ventures and associated entities, annualised fees for platform/asset acquired during the year, as well as share of fees based on shareholding stake in associate with which Keppel has strategic alliance. Also includes asset management, transaction and advisory fees on sponsor stakes and co-investments.
[3] Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully invested FUM.
Global asset manager and operator Keppel Ltd. (Keppel) reported a net profit of $431 million for the first half of 2025, surging 25% from $345 million in 1H 2024, excluding the Non-Core Portfolio for Divestment[1]. The strong performance for the period was driven by resilient earnings in the Infrastructure Segment and higher contributions from Real Estate.
[1] Non-Core Portfolio for Divestment comprises mainly legacy offshore & marine assets, residential landbank, selected property developments and investment properties, hospitality and logistics assets, associated cash and receivables, and other non-core investments that are not aligned with Keppel’s strategic focus as an asset-light global asset manager and operator.
[2] ROE (excluding Non-Core Portfolio) refers to the return generated on the average shareholders’ funds of New Keppel, i.e. excluding equity that is attributable to the Non-Core Portfolio.
[3] Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested FUM.
Global asset manager and operator Keppel Ltd. (Keppel) has released its voluntary business update for 9M 2025. The Company reported a net profit increase of over 25% year on year (yoy) in 9M 2025 for the New Keppel, excluding the Non-Core Portfolio for Divestment as well as M1’s telco business, which has been reclassified as Discontinued Operations[7]. The strong results were underpinned by earnings growth across all three business segments – Infrastructure, Real Estate and Connectivity.
[1] New Keppel excludes the Non-Core Portfolio for Divestment and Discontinued Operations (see also footnotes 2 & 7).
[2] Non-Core Portfolio for Divestment comprises mainly legacy offshore & marine assets, residential landbank, selected property developments and investment properties, hospitality and logistics assets, associated cash and receivables, and other non-core investments that are not aligned with Keppel’s strategic focus as an asset-light global asset manager and operator.
[3] Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested Funds under Management (FUM).
[4] Comprises the acquisitions of Tokyo Data Centre 3 by Keppel DC REIT (expected completion by end-2025) and Top Ryde City Shopping Centre by Keppel REIT (expected completion by 1Q26) and Global Marine Group by Keppel Infrastructure Trust alongside Keppel Infrastructure Fund.
[5] Includes 100% fees from subsidiary managers, joint ventures and associated entities, as well as share of fees based on shareholding stake in associate with which Keppel has strategic alliance. Also includes asset management, transaction and advisory fees on sponsor stakes and co-investments.
[6] Computed based on estimated divestment proceeds and net debt to be deconsolidated. The actual monetisation amount is subject to completion adjustments and the net debt at date of completion.
[7] In accordance with SFRS(I) 5 Non-current Assets Held for Sale and Discontinued Operations, the performance of M1 and its subsidiaries, excluding the ICT Services business and other carved out assets (“M1 Telco”) are presented as discontinued operations for the financial period, with comparative information re-presented accordingly.
Global asset manager and operator Keppel Ltd. (Keppel) reported a net profit of $1.1 billion for the New Keppel for the full year ended 31 December 2025, 39% higher than the $793 million for FY 2024, excluding the Non-Core Portfolio for Divestment[8] and Discontinued Operations[9]. The New Keppel’s strong performance in FY 2025 was driven by higher profits from all three business segments, with Infrastructure accounting for the largest share of earnings, bolstered by resilient results in the integrated power business, despite softening spark spreads, and stronger growth from decarbonisation and sustainability solutions.
[1] The New Keppel excludes the Non-Core Portfolio for Divestment and Discontinued Operations.
[2] Return on Equity of New Keppel refers to the return generated on the average shareholders’ funds of New Keppel, i.e. excluding equity that is attributable to the Non-Core Portfolio.
[3] Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fullyinvested Funds under Management.
[4] Based on announced transactions.
[5] This includes the $4.7b Keppel O&M divestment in 2023, including the Sembcorp Marine (now Seatrium) shares, which were distributed or held in the segregated account, at $2.30 per share (or $0.115 per share prior to the share consolidation undertaken by Seatrium in 2023; $0.115 was the last traded price of the shares on the first market day immediately following the date of the combination) and the $0.5b cash component.
[6] Refers to the monetisation deals, announced in or before the relevant financial year, but completed in the relevant financial year based on their announced gross values.
[7] The dividend in-specie of one Keppel REIT unit for every nine Keppel shares held is equivalent to approximately 11 cents per Keppel share based on Keppel’s issued share capital of 1,801,659,827 shares (excluding treasury shares) as at 31 December 2025 and Keppel REIT’s closing market price of $0.98 per unit on 3 February 2026.
[8] Non-Core Portfolio for Divestment comprises mainly legacy offshore & marine assets, residential landbank, selected property developments and investment properties, hospitality and logistics assets, associated cash and receivables, and other non-core investments that are not aligned with Keppel’s strategic focus as an asset-light global asset manager and operator.
[9] In accordance with SFRS(I) 5 Non-current Assets Held for Sale and Discontinued Operations, the performance of M1 and its subsidiaries, excluding the technology solutions and services business and other carved out assets (“M1 Telco”) are presented as discontinued operations for the financial period, with comparative information re-presented accordingly.
Keppel Ltd. has released its voluntary business update for 1Q 2024, reporting a year-on-year (yoy) increase in net profit1, excluding the effects of its legacy offshore and marine assets3. Net profit was bolstered by stronger performance in the Infrastructure and Connectivity segments. Including the effects of the legacy offshore and marine assets, net profit was lower yoy.
[1] 1Q 2023 net profit and revenue refer to that of continuing operations.
[2] Includes 100% fees from subsidiary managers, joint ventures and associated entities, as well as share of fees based on shareholding stake in associate with which Keppel has strategic alliance.
[3] Effects of legacy offshore & marine assets comprise the P&L effects from Seatrium shares, financing cost relating to the Vendor Notes and contributions from stakes in Floatel and Dyna-Mac.
Keppel Ltd. reported a net profit of S$513 million from continuing operations for the first half of 2024, 7% higher than the S$481 million reported in 1H232, excluding the effects of its legacy offshore and marine (O&M) assets3. This translates into an annualised Return on Equity of 9.8% in 1H24 compared to 8.7% in 1H23.
Recurring income rose 14% to S$388 million, making up 76% of 1H24 net profit on the same basis, with higher contributions from both asset management and operations.
[1] Gross asset value of investments and uninvested capital commitments on a leveraged basis to project fully-invested FUM.
[2] 1H23 figures exclude discontinued operations.
[3] Effects of legacy O&M assets comprise the P&L effects from Seatrium shares, the Asset Co vendor notes, and contributions from stakes in Floatel and Dyna-Mac.
Keppel Ltd. disclosed in its voluntary business update for 3Q & 9M 2024 that net profit, excluding the effects of the legacy offshore and marine assets1, was comparable year on year (yoy) for 9M 2024. During this period, Keppel registered a 14% growth in recurring income with higher contributions from both asset management and operating income. For 3Q 2024, net profit was lower yoy, in the absence of valuation and divestment gains in the Connectivity segment.
[1] Effects of legacy offshore & marine assets, which have been explained in the 1H 2024 results announcement, comprise the P&L effects from Seatrium shares, the Asset Co vendor notes, and contributions from stakes in Floatel and Dyna-Mac; 3Q 2023 and 9M 2023 figures exclude discontinued operations.
[2] Including 100% fees from subsidiary managers, joint ventures and associated entities, as well as share of fees based on shareholding stake in associate with which Keppel has strategic alliance.
[3] Gross asset value of investments and uninvested capital commitments on a leveraged basis to project fully-invested FUM.
Keppel Ltd. reported a net profit of $1,064 million from continuing operations for the full year ended 31 December 2024, 5% higher than the $1,015 million reported for FY23, excluding the effects of its legacy offshore and marine (O&M) assets[5]. This translates into a Return on Equity of 10.1%, compared to 9.5% in FY23.
[1]Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested FUM.
[2]Includes 100% fees from subsidiary managers, joint ventures and associated entities, annualised fees for platform/asset acquired during the year, as well as share of fees based on shareholding stake in associate with which Keppel has strategic alliance. Also includes asset management, transaction and advisory fees on sponsor stakes and co-investments.
[3]Refers to net profit from continuing operations excluding effects of legacy O&M assets.
[4]Includes $635.9 million from Asset Co which is based on $1,070.0 million cash in Asset Co as at 31 December 2024 and $71.3 million cash payment received from Asset Co in 1Q24, less $505.4 million from the 3 jackup rigs sold to Borr Drilling as announced in 2022.
[5]Effects of legacy O&M assets comprise the P&L effects from Seatrium shares, the legacy rigs, and contributions from stakes in Floatel and Dyna-Mac.
[6]Includes net cash of $1.07 billion from consolidation of Asset Co.
[7]Includes $500 million cash component realised as part of the divestment of discontinued operations, which is presented as cash inflow from financing activities in the financial statements. The inclusion herein is for better comparability and understanding of the free cash flow.
Keppel has released its voluntary business update for 1Q 2023, reporting a significantly higher year-on-year (yoy) net profit, bolstered by a significant disposal gain from the combination of KOM with SCM.
Excluding Discontinued Operations and the disposal gain of about S$3.3 billion[1], 1Q 2023’s net profit was slightly higher yoy, underpinned by stronger performance across the Energy & Environment, Urban Development and Connectivity segments.
[1] The gain on disposal is subject to adjustment for any reimbursement by the Company to KOM for certain expenditures incurred by KOM before the completion of the combination, relating to assets sold by KOM to Asset Co to the extent that such expenditures are in excess of an agreed sum.
[2] Since the start of asset monetisation programme in Oct 2020; Does not include the realisable value from the O&M transactions.
Keppel reported a net profit of over S$3.6 billion for the half year ended 30 June 2023, the highest profit on record in the Company’s 55-year history. 1H23’s net profit was significantly higher than the S$498 million reported in 1H22, underpinned by a S$3.3 billion disposal gain from the divestment of the offshore and marine (O&M) business. Annualised Return on Equity (ROE) was 36.8% in 1H23, compared to 8.4% in 1H22.
Excluding the discontinued O&M operations in both periods, Keppel delivered a robust net profit of S$445 million in 1H23, which was about 3% higher year on year (yoy), bolstered by stronger performance by the Infrastructure and Connectivity segments. About 76% of 1H23’s net profit from continuing operations comprised recurring income, which surged 62% yoy to S$340 million from S$210 million in 1H22.
[1] Based on Keppel’s closing share price of S$6.99 on 26 July 2023.
[2] The final value of the dividend in-specie will be based on the price of Keppel REIT units on the date the Proposed Distribution is completed, which is subject to the approval of Keppel's shareholders at an EGM to be held in due course.
Keppel has released its voluntary business update for 3Q & 9M 2023. In 9M 2023, net profit from continuing operations grew year-on-year (yoy) bolstered by stronger performance from the Infrastructure and Connectivity segments. Net profit for 3Q 2023 was also stronger yoy, with all three horizontal segments — Infrastructure, Real Estate and Connectivity — registering improvements.
[1] Based on the last traded price of Keppel REIT units on the SGX-ST on 26 July 2023 of S$0.915; the final value of the dividend in specie will be based on the price of Keppel REIT units on the completion date on or about 7 November 2023.
Keppel Ltd. (Keppel) reported its highest net profit in history of S$4.1 billion for the full year ended 31 December 2023. Bolstered by a S$3.3 billion disposal gain from the divestment of the offshore and marine (O&M) business, FY23’s net profit more than quadrupled the net profit of S$927 million in FY22. Return on Equity (ROE) was 37.9% in FY23, compared to 8.1% in FY22.
[1] Excludes discontinued O&M operations and loss from the distribution in-specie of Keppel REIT units.
[2] Based on the closing price of Sembcorp Marine shares as at 1 March 2023 of 11.5 cents per share (the first trading day following completion of the combination transaction), the cash equivalent amount of the dividend declared by the Company was S$3,845 million, equivalent to approximately S$2.19 per Keppel share, based on the Company's issued and paid-up share capital as at the record date (for such dividend in specie) of 1,751,959,918 Keppel shares (excluding treasury shares).
Keppel has released its voluntary business update for 1Q 2022, reporting a higher year-on-year net profit with increased contributions from all segments except Urban Development.
At the business unit level, Keppel Infrastructure’s net profit grew significantly yoy, while M1, Keppel Data Centres and Keppel Capital registered improved performance during the quarter. Keppel Offshore & Marine also improved on its performance, with a significant yoy reduction in net loss for 1Q 2022, due to higher productivity coupled with continual efforts to streamline operations and maintain a lean cost structure.
Keppel reported an overall net profit of S$498 million for the half year ended 30 June 2022, an increase of 66% over the previous year, underpinned by profitability across all segments including the discontinued offshore & marine operations.
Excluding the discontinued operations, the Company’s net profit from continuing operations in 1H 2022 was S$434 million, or 26% higher year-on-year, bolstered by recurring income which grew 43% to S$202 million.
Keppel has released its voluntary business update for 3Q & 9M 2022. For the first nine months of 2022, net profit improved year on year, underpinned by stronger performance from the Energy & Environment and Asset Management segments. Net profit for 3Q 2022 was lower yoy mainly due to the absence of the gain from the enbloc sale of a project in China in the equivalent period a year ago.
Keppel reported a robust net profit of S$927 million for the full year ended 31 December 2022, bolstered by stronger results in the Asset Management and Energy & Environment segments. With a net profit of S$311 million, Asset Management was the largest contributor to the Company's earnings, followed by Urban Development, Energy & Environment and Connectivity.
[1] Based on (a) the assumption that 36,848,072,918 SCM Shares will be issued by Sembcorp Marine to the Company representing 54% of total number of SCM Shares on a fully diluted basis immediately after Closing, (b) the SCM Shareholders holding 31,389,099,152 SCM Shares, representing 46% of the total number of SCM Shares on a fully diluted basis immediately after Closing which, for the purpose of this computation, is the same number of SCM Shares held by the SCM Shareholders as at the last market day (26 April 2022) preceding the original announcement of the Proposed Transaction (“Last Market Day”), and (c) an issue price of S$0.122, being the volume weighted average price of SCM Shares for the last 10 trading days up to and including the Last Market Day. The number of DIS Shares to be distributed for every one (1) KCL Share held by an Eligible Shareholder is calculated based on the assumption that Company’s issued and paid-up share capital on Closing would be 1,751,959,918 KCL Shares (excluding treasury shares) which is the number of KCL Shares (excluding treasury shares) of the Company as at 31 December 2022, and on the further assumption that 33,436,214,314 DIS Shares will be distributed to Eligible Shareholders.
The actual issue price for the SCM Shares will be determined by SCM and the actual consideration used to derive the disposal gain arising from the Proposed Transaction and the actual value of the Proposed Distribution on completion of the Proposed Transaction and Proposed Distribution will depend on the last traded price of the SCM Shares on the first Market Day immediately following the date of Closing and the actual number of SCM Shares to be issued to the Company on such Closing.
[2] The pro forma value of the proposed distribution is calculated based on the proposed issue price of S$0.122, being the VWAP of SCM shares for the last 10 trading days up to and including the Last Market Day, per new SCM share and assuming a total of 36,848,072,918 new SCM shares to be issued to Keppel on completion of the Proposed Transaction. In this regard, the actual value of the proposed distribution on completion will depend on the last traded price of SCM shares on the first market day immediately following the date of such completion and the actual number of SCM shares to be issued on Closing.
Keppel has today released its voluntary business update for 1Q 2021. Keppel recorded a net profit in the first quarter of 2021, which was slightly higher year-on-year. All key business units apart from Keppel Offshore & Marine (Keppel O&M) were profitable. Nevertheless, Keppel O&M’s performance has also improved quarter-on-quarter with EBITDA for 1Q 2021 turning positive due to improving margins and productivity.
Keppel reported a net profit of S$300 million for the half year ended 30 June 2021, underpinned by profitability across all key business units. Net profit for the current period was a significant improvement over the net loss of S$537 million for 1H 2020, which had been impacted by S$930 million of impairments mainly related to the offshore & marine business.
Excluding revaluations, impairments and divestments as well as COVID-19-related government grants in both years, the Company would have achieved a net profit of S$280 million in 1H 2021, compared to a net loss of S$72 million in 1H 2020. When compared on a similar basis, the Company’s operating performance in 1H 2021 was also a marked improvement of about 88% over the net profit of S$149 million recorded in 1H 2019, prior to the pandemic.
Keppel has today released its voluntary business update for 3Q & 9M 2021. Net profit for the first nine months of 2021 was a sharp reversal from the net loss registered a year ago, with all segments performing better year on year1. Even excluding revaluations, major impairments and divestments in both years2, net profit for 9M 2021 was also a significant improvement year-on-year. The Company’s net profit for 3Q 2021 also grew strongly compared to a year ago, with all segments registering improved performance.
[1]All segments performed better in 9M 2021, excluding a gain from the reclassification of Keppel Infrastructure Trust in 2020.
[2]In 1H 2020, the Company had taken S$930 million of impairments mainly related to Keppel O&M’s stranded assets, receivables, stocks and its share of impairment provisions from Floatel.
Keppel reported strong earnings growth with a net profit of S$1.02 billion for the full year ended 31 December 2021, bolstered by improved performance across all business segments. This is the highest earnings achieved in the past six years since the offshore & marine downturn, and marks a sharp reversal of FY 2020’s net loss of S$506 million.
Keppel reported a net profit of S$160 million for the first three months of 2020, 21% below the S$203 million for 1Q 2019, mainly due to an absence of gain from the divestment of a 70% interest in Dong Nai Waterfront City, Vietnam a year ago. Many Keppel business units provide essential services and continue to operate during the circuit breaker in Singapore.
Keppel reported a net loss of S$537 million for the half year ended 30 June 2020, compared to a net profit of S$356 million for 1H 2019, after S$930 million of impairments mainly related to Keppel Offshore & Marine’s stranded assets, receivables, stocks and share of impairment provisions from Floatel. Excluding impairments, the Company would have registered net profit of S$393 million for 1H 2020, 5% higher year-on-year, underpinned by resilient operations from other businesses in the Company.
Keppel has today released its first voluntary business update for 3Q & 9M 2020, following the adoption of semiannual reporting of its results.
Many of Keppel’s businesses provide essential services and continued to operate throughout the COVID-19 pandemic. As the COVID-19 situation stabilises in Singapore and other key markets where the Company operates, Keppel’s employees are progressively returning to the workplace, while observing the relevant safe management measures.
The Company returned to profitability in 3Q 2020, compared to 2Q 2020’s net loss of S$697 million, though 3Q 2020’s net profit is significantly lower year-on-year. Except for Keppel Offshore & Marine, all key business units were profitable in 3Q 2020. However, the Company remained loss-making for the first nine months of 2020, due to the significant impairments of S$919 million, mainly from the offshore and marine business, recorded in 2Q 2020.
Keppel reported a net loss of S$506 million for FY 2020, compared to a net profit of S$707 million a year ago, after impairments of S$952 million mainly due to the offshore & marine business, the bulk of which was recognised in 2Q 2020. Excluding impairments in both years, the Company would have registered a net profit of S$446 million for FY 2020, as compared to the net profit of S$828 million for FY 2019. Apart from Keppel O&M, all key business units of the Company remained profitable in FY 2020.
