Singapore’s Keppel annual profit quadruples on marine unit sale By Reuters

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(Reuters) -Singapore’s Keppel (OTC:) posted a more than four-fold rise in its full-year profit on Thursday, primarily bolstered by a one-off gain from the divestment of its offshore and marine (O&M) unit.

Keppel, which was founded 56 years ago and traces its roots to a shipbuilding yard, recorded a S$3.3 billion ($2.46 billion) gain after the disposal of its O&M business last February.

The sale, along with strong performances at its infrastructure segment helped Keppel post a record full-year net profit of S$4.07 billion, compared with a profit of S$927 million a year earlier.

On a continuing basis, net profit – excluding the loss from in specie distribution of Keppel REIT (OTC:) units – grew 19% to S$996 million.

Net profit from the company’s infrastructure segment more than doubled to S$699 million on the back of its integrated power business.

Keppel expects infrastructure to be one of the fastest-growing asset classes in the coming years, supported by the global energy transition and decarbonisation trends.

The company said it has a deal flow pipeline of over S$14 billion, the majority of which lies in the infrastructure and connectivity segments.

Keppel, which aims to transform itself into an asset manager overseeing $150 billion by 2030 and focus on green energy, declared a final dividend of 19 Singapore cents per share, compared with 18 cents apiece last year.

($1 = 1.3396 Singapore dollars)

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