Keppel reports 40% fall in overall nine-month profit
Excluding discontinued operations and non-core assets slated for disposal, profit grew more than 20%, helped by infrastructure and connectivity.
Singapore asset manager Keppel said its overall net profit fell 40% over nine months, largely reflecting a 4% decline in the gross asset value of non-core assets designated for sale.
On a basis excluding those assets and discontinued operations, net profit rose more than 20%. The company credited its infrastructure and connectivity businesses for supporting the increase.
The integrated power business recorded EBITDA growth of 7%, helped by Keppel Sakra Cogen beginning commercial operations. Connectivity, which encompasses data centres, also supported earnings. Keppel linked that contribution to disciplined underwriting and a focus on markets where power supplies are constrained.
New funds under management totalled S$19.5 billion for the year to date. By July, Keppel had moved beyond its S$100 billion goal for funds under management, ahead of the end-2026 deadline.
Year-to-date asset monetisation reached S$3.7 billion, above the S$2 billion to S$3 billion range the company had targeted for 2026.
