Singapore's Keppel 9-month profit jumps on infra boost
Keppel reported a net profit growth of more than 20 per cent for the first nine months of the year. This figure excludes discontinued operations and a non-core portfolio for divestment. Growth was driven by strong performance in connectivity and infrastructure units. The integrated power business saw a seven per cent increase in earnings before interest, taxes, depreciation, and amortisation. This was supported by the start-up of the Keppel Sakra Cogen plant. The connectivity segment also boosted earnings through its data centre business in power-constrained markets.
Singapore's Keppel reported more than 20 per cent growth in its nine-month net profit on Thursday (Oct 29), excluding the non-core portfolio for divestment and discontinued operations, helped by strong performance in its infrastructure and connectivity units.The asset manager's infrastructure segment delivered strong earnings, with its integrated power business recording seven per cent growth in earnings before interest, taxes, depreciation and amortisation, supported by the commercial start-up of the Keppel Sakra Cogen plant.The connectivity segment, which houses Keppel's data centre business, also contributed to earnings growth, benefiting from its focus on power-constrained markets and disciplined underwriting.However, including its non-core portfolio for divestment and discontinued operations, Keppel's overall nine-month net profit fell 40 per cent, mainly due to a four per cent reduction in the gross asset value of those non-core assets.Keppel added $19.5 billion of new funds under management (FUM) year to date, having already surpassed its end-2026 target of $100 billion in FUM in July.