Keppel FY21 profit hits 6-year high of S$1b, unveils S$500m share buyback programme

Uma Devi

Published Thu, Jan 27, 2022 · 06:11 PM

KEPPEL Corporation BN4 : BN4 0% on Thursday (Jan 27) reported net profit of S$722.9 million for the second half of FY2021 ended December, up from S$31.3 million in the corresponding year-ago period.

This brought the group’s profit for the full FY2021 to a 6-year high of S$1 billion, a reversal from a loss of S$505.9 million in FY2020.

The net profit for FY2021 included impairment provisions amounting to S$514 million, largely from losses recognised in respect of the group’s exposure to KrisEnergy, provisions for a hotel in Myanmar and receivables and stocks in the offshore and marine business, as well as a share of impairment provision from Floatel.

Revenue for H2 was up 45.9 per cent to S$4.9 b…