Advertisement
Singapore markets closed
  • Straits Times Index

    3,461.16
    +23.90 (+0.70%)
     
  • S&P 500

    5,564.41
    +59.41 (+1.08%)
     
  • Dow

    40,415.44
    +127.91 (+0.32%)
     
  • Nasdaq

    18,007.57
    +280.63 (+1.58%)
     
  • Bitcoin USD

    66,887.91
    -521.51 (-0.77%)
     
  • CMC Crypto 200

    1,383.91
    -1.35 (-0.10%)
     
  • FTSE 100

    8,223.35
    +24.57 (+0.30%)
     
  • Gold

    2,407.50
    +12.80 (+0.53%)
     
  • Crude Oil

    79.95
    +0.17 (+0.21%)
     
  • 10-Yr Bond

    4.2600
    +0.0210 (+0.50%)
     
  • Nikkei

    39,594.39
    -4.61 (-0.01%)
     
  • Hang Seng

    17,469.36
    -166.52 (-0.94%)
     
  • FTSE Bursa Malaysia

    1,629.68
    +7.61 (+0.47%)
     
  • Jakarta Composite Index

    7,313.86
    -8.12 (-0.11%)
     
  • PSE Index

    6,753.12
    +41.07 (+0.61%)
     

UPDATE 2-Singapore's Keppel annual profit quadruples on marine unit sale

(Adds details on earnings in paragraphs 4-7)

Feb 1 (Reuters) - Singapore's Keppel 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 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)

(Reporting by Himanshi Akhand and John Biju in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-Phillips)