Keppel Corp H1 profit rises to over S$3.6 billion, highest in 55-year history
KEPPEL Corporation reported on Thursday (Jul 27) its highest profit on record in its 55-year history, underpinned by a S$3.3 billion disposal gain from the divestment of its offshore and marine (O&M) business.
The group’s net profit for the six months ended Jun 30 rose to over S$3.6 billion, significantly higher than the S$498 million reported in the same period last year.
Excluding its discontinued O&M operations in both periods, Keppel’s net profit attributable to shareholders of the company was S$445 million for the first half of 2023.
Earnings per share stood at 203 Singapore cents, a more than sixfold increase from 27.9 Singapore cents in H1 2022.
Revenue from continued operations grew 11 per cent to S$3.7 billion in the first half of the year, from S$3.4 billion previously. This was underpinned by higher contributions from the company’s infrastructure and connectivity segments.
Shareholders will receive a total cash dividend of 33 Singapore cents per share, which translates to a yield of 4.7 per cent based on Keppel’s closing share price of S$6.99 on Jul 26.
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For every five Keppel Corporation shares held, Keppel’s shareholders will receive one Keppel Reit unit to mark its 55th anniversary.
Loh Chin Hua, Keppel’s chief executive officer, said: “Following the successful divestment of the O&M business, we embarked on a monumental shift to remove our conglomerate structure and become a global alternative real asset manager, with deep operating capabilities in infrastructure, real estate and connectivity.
“The strong execution of our transformation plans has allowed us to create superior, tangible value for shareholders.”
Shares of Keppel Corporation closed at S$6.96, down 0.4 per cent or S$0.03 on Thursday before the announcement.
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