Keppel - Annual Report 2024

Chairman's Statement

We will continue to focus on growing Keppel to become a leading global asset manager and operator, with our Fund Management, Investment and Operating platforms working closely together to deliver strong value to Keppel’s shareholders and to our LPs.

DANNY TEOH, Chairman

Interview with the CEO

As an asset manager, we have diversified our investment strategies to include energy, environmental infrastructure, data centres and private credit. We have also expanded from mainly Asia Pacific to Europe with Aermont Capital as our platform.

LOH CHIN HUA, Chief Executive Officer

Message from the CIO

Our ability to connect investors with proprietary real assets that address global challenges, while delivering strong returns, sets Keppel apart from other asset managers.

CHRISTINA TAN, Chief Investment Officer

Net Profit

$1,064m

increased 5% from $1,015 million in FY 2023

Net profit excludes effects of legacy offshore and marine assets and discontinued operations.

Recurring Income

$766m

constituted 72% of net profit in FY 2024

Cash Dividend

34 cts

dividend per share for FY 2024, the same as FY 2023's cash dividend

Asset Management Fees

$436m

increased 54% from $283 million in 2023

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.

Funds Under Management

$88b

60% higher than $55 billion as at end-2023

Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested FUM.

Operating & Market Review

Fund Management & Investment

We connect investors with alternative real assets through diverse fund products across the risk-return spectrum.

1/4

Operating & Market Review

Infrastructure

We provide compelling end-to-end solutions spanning power, renewables, clean energy and decarbonisation, which are essential for sustainable development.

2/4

Operating & Market Review

Real Estate

We provide innovative and sustainable urban space solutions that enrich lives and communities.

3/4

Operating & Market Review

Connectivity

We deliver sustainable digital infrastructure that connects people, businesses and countries in the digital economy.

4/4

Sustainability Framework

We are committed to environmental stewardship, responsible business practices, and investing in people and communities wherever we operate.

Chairman's Statement

We will continue to focus on growing Keppel to become a leading global asset manager and operator, with our Fund Management, Investment and Operating platforms working closely together to deliver strong value to Keppel’s shareholders and to our LPs.

DANNY TEOH, Chairman

Interview with the CEO

As an asset manager, we have diversified our investment strategies to include energy, environmental infrastructure, data centres and private credit. We have also expanded from mainly Asia Pacific to Europe with Aermont Capital as our platform.

LOH CHIN HUA, Chief Executive Officer

Message from the CIO

Our ability to connect investors with proprietary real assets that address global challenges, while delivering strong returns, sets Keppel apart from other asset managers.

CHRISTINA TAN, Chief Investment Officer

Net Profit

$1,064m

increased 5% from $1,015 million in FY 2023

Net profit excludes effects of legacy offshore and marine assets and discontinued operations.

Recurring Income

$766m

constituted 72% of net profit in FY 2024

Cash Dividend

34 cts

dividend per share for FY 2024, the same as FY 2023's cash dividend

Asset Management Fees

$436m

increased 54% from $283 million in 2023

Funds Under Management

$88b

60% higher than $55 billion as at end-2023

Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested FUM.

Operating & Market Review

Fund Management & Investment

We connect investors with alternative real assets through diverse fund products across the risk-return spectrum.

Operating & Market Review

Infrastructure

We provide compelling end-to-end solutions spanning power, renewables, clean energy and decarbonisation, which are essential for sustainable development.

Operating & Market Review

Real Estate

We provide innovative and sustainable urban space solutions that enrich lives and communities.

Operating & Market Review

Connectivity

We deliver sustainable digital infrastructure that connects people, businesses and countries in the digital economy.

Sustainability Framework

We are committed to environmental stewardship, responsible business practices, and investing in people and communities wherever we operate.