Keppel CEO Mr Loh Chin Hua named Outstanding Chief Executive of the Year.
Keppel Ltd. (Keppel) was recognised for its successful transformation from a conglomerate of diverse parts into a global asset manager and operator at the Singapore Business Awards (SBA) 2023/2024, where the Company’s CEO, Mr Loh Chin Hua, was named Outstanding Chief Executive of the Year.
Jointly organised by The Business Times and DHL, the SBA acknowledges companies and business leaders who have contributed to Singapore’s development and shown excellence in corporate management. The Outstanding Chief Executive of the Year award recognises CEOs who have demonstrated exemplary leadership and excellence in their field, building up companies with strong financial performance and discipline, sustainable structures, and bench strength, while responding with agility to the changing business environment. Outstanding Chief Executives must also have made positive contributions to the community.
Mr Loh said, “I am deeply honoured and humbled to receive this award, which is truly a recognition of the collective work of past and present generations of Keppelites. At Keppel, we have been blessed with many great leaders and colleagues. As CEO, I have been fortunate to serve boards led by very capable, far-sighted and courageous Chairs, including Dr Lee Boon Yang who retired in 2021, and Mr Danny Teoh our current Chairman. I have also had the support of my colleagues who rallied alongside in our transformation journey.
“Transformation is difficult, and many things can go wrong. But the risks for not changing can often be even greater. As we accelerate the execution of our Vision 2030 strategy, I am confident that Keppel, with the continued support of our stakeholders, including investors and Limited Partners, is well positioned to ride the next wave of quality, sustainable growth.”
Under Mr Loh's leadership, Keppel has made significant progress over the years to restructure and adapt to the changing environment, successfully harnessing its industrial roots to transform into a global asset manager and operator. This multi-dimensional transformation has seen Keppel turn from a balance sheet player into an asset-light asset manager, and from a conglomerate with vertical silos into a horizontally integrated company with end-to-end value chains.
2023 was a watershed year in Keppel’s corporate journey, when the Company successfully divested its O&M business, achieved the highest net profit of S$4.1 billion in its 55-year history and delivered Total Shareholder Returns (TSR) of 61.1%, 13 times the STI’s TSR of 4.7%
[1].
By the end of 2023, Keppel had also announced the monetisation of about S$5.4 billion of assets since the monetisation programme’s launch in October 2020, exceeding the upper bound of its three-year target of S$3 – S$5 billion. About S$4.1 billion in cash was released over this period for reinvestment and to reward shareholders. The Company is now working towards a cumulative target of S$10 – S$12 billion by the end of 2026.
Keppel has also been steadily growing its Funds under Management
[2] (FUM) from S$26 billion in early 2016 when Keppel Capital was established, to S$55 billion by the end of 2023. Keppel has set a target to scale up its FUM to S$100 billion by end-2026 and S$200 billion by 2030 through both organic growth and opportunistic acquisitions. In April 2024, the Company completed the acquisition of the initial 50% stake in a leading European asset manager, Aermont Capital S.à.r.l., increasing Keppel’s FUM to about S$79 billion, or close to 80% of its interim S$100 billion target.
Committed to combatting climate change and reducing its environmental impact, Keppel has set quantitative targets to halve its Scope 1 and 2 carbon emissions by 2030, compared to 2020 levels, and achieve net zero emissions by 2050. With the good progress achieved to date, Keppel is confident of achieving its net zero target well ahead of 2050. It has also set targets to reduce water usage and waste, increase renewable energy utilisation and grow its portfolio of renewable energy assets.
In 2023, Keppel invested around S$4.3 million in social investment spending and industry advancement, including more than S$3.3 million disbursed through Keppel Care Foundation, Keppel’s philanthropic arm. Beyond financial support, Keppel staff also volunteer their time and services to the community, contributing more than 11,000 hours of community work in 2023.
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About Keppel Ltd.
Keppel Ltd. (SGX:BN4) is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewables, clean energy, decarbonisation, sustainable urban renewal and digital connectivity. Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and business trusts.
[1] Source: Bloomberg.
[2] Gross asset value of investments and uninvested capital commitments on a leveraged basis to project fully-invested FUM.
