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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 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.
The Company’s revenue[3] was S$2,255 million for 1Q 2023, about 9% higher than S$2,068 million a year ago, with the Energy & Environment, Urban Development and Connectivity segments reporting higher contributions.
[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.
[3] Includes contributions from Discontinued Operations. Excluding Discontinued Operations, revenue from Continuing Operations in 1Q 2023 was S$1,624m, up 4% from S$1,565m for 1Q 2022.
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.
The Company’s revenue from continuing operations in 1H23 grew 11% to S$3,716 million from S$3,356 million in 1H22, underpinned by higher contributions from the Infrastructure and Connectivity segments.
[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.
The Company’s revenue was S$2,068 million for 1Q 2022, about 9% higher than S$1,889 million a year ago, mainly due to higher contributions from the Energy & Environment segment. The Company’s net gearing remained stable at 0.69x as at 31 March 2022, compared to 0.68x as at 31 December 2021.
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.
The Company’s revenue from continuing operations grew 16% to S$3,356 million in 1H 2022 from S$2,888 million in 1H 2021. This was due mainly to a significant increase in contributions from the Energy & Environment and Asset Management segments, which more than offset the decline in Urban Development’s revenue.
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.
The Company’s revenue [1] grew 24% to S$6,836 million in 9M 2022, from S$5,510 million in 9M 2021, underpinned by higher revenue contributions from Keppel Infrastructure, Keppel Offshore & Marine, M1 and Keppel Capital.
[1]Revenue includes contributions from Discontinued Operations. Excluding Discontinued Operations, revenue from Continuing Operations in 9M 2022 was S$5,016 million, up 15% from S$4,348 million for 9M 2021.
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.
The Company achieved higher net profit year-on-year and continued to progress towards its Vision 2030 goals.
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.
The Company’s revenue was S$1,889 million for 1Q 2021, which was stable compared to S$1,857 million a year ago, mainly due to higher contributions from the Urban Development and Asset Management segments, offset by lower revenues from Energy & Environment.
Announced monetisation of over S$2.3 billion in assets from October 2020 to July 2021, and have completed half of the transactions.
Unlocked cash of S$854 million in 1H 2021 from asset monetisation.
Declared interim dividend of 12.0 cents per share for 1H 2021.
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.
The Company’s revenue was S$5,510 million for 9M 2021, which was 14% higher than S$4,818 million a year ago, underpinned by higher revenue contributions across all four key segments. The Company’s net gearing was lower at 0.76x as at 30 September 2021, compared to 0.85x as at 30 June 2021, mainly due to proceeds from asset monetisation and the issuance of perpetual securities, which were offset by the payment of 2021’s interim dividend.
Footnotes:
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.
All key business units remain profitable despite COVID-19, many continue to provide essential services during Singapore’s circuit breaker.
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.
The Company achieved revenue of S$1,857 million for 1Q 2020, which was 21% higher than that of 1Q 2019, due mainly to higher revenues from offshore & marine projects, property trading projects in Singapore, the power and gas business, and with the consolidation of M1. Revenue growth for 1Q 2020 was partly offset by lower contributions from property trading projects in China, environmental engineering projects and asset management.
Excluding impairments, the Company would have registered 1H 2020 net profit of S$393 million, 5% higher year-on-year, with resilient performance by other key business units
Interim dividend of 3.0 cents per share declared for 1H 2020
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.
The Company’s 1H 2020 revenue of S$3,182 million, was slightly lower compared to the S$3,315 million achieved in 1H 2019. Lower contributions from property trading projects in China, power and gas sales, environmental engineering projects and asset management were partially offset by higher revenues from O&M projects and the consolidation of M1 from March 2019.
The Company returned to profitability in 3Q 2020; makes steady progress on Vision 2030 with a 100-day programme to drive results.
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.
Excluding impairments, net profit for FY 2020 would have been S$446 million, compared to S$828 million for FY 2019.
The Company registered net profit of S$31 million for 2H 2020, recovering from a net loss of S$537 million in 1H 2020.
Proposed final cash dividend of 7.0 cts/share brings FY 2020’s total distribution to 10.0 cts/share.
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.
The Company’s revenue was S$6,574 million for FY 2020, 13% lower year-on-year, mainly due to lower contributions from the Energy & Environment, Urban Development and Asset Management segments, offset by higher revenue from Connectivity.
