Keppel posts bumper S$3.6 billion net profit in H1 from sale of O&M unit

KEPPEL Corp , fresh from ditching its conglomerate status to recast itself as a global asset manager and operator, reported a record net profit of S$3.63 billion for the six months ended June, up from S$498 million the year earlier.

The bumper profits – the highest in its 55-year history – were led by gains of S$3.3 billion from its divestment of the offshore and marine (O&M) unit to Seatrium.

Setting aside the discontinued O&M operations for both periods, Keppel’s net profit came in at 2.5 per cent higher, at S$444.95 million from S$434.14 million the year before.