Keppel Corporation released a voluntary business update where it said that it saw a higher net profit YoY with increased contributions from all segments except Urban Development. The update comes on the back of a delay in announcing the merger of Keppel Offshore & Marine (O&M) and Sembcorp Marine due to the complex nature of the transaction. It said that Keppel Infrastructure’s net profit grew significantly, Keppel Offshore & Marine (Keppel O&M) also improved on its performance with a significant reduction in net loss. However, its Urban Development segment profits fell due to lower contributions from “China property trading projects and the absence of gains from enbloc sales”, it said. The Group’s revenue stood at S$2.1bn, up 9% YoY and noted that net gearing remained stable at 0.69x at end-March 2022 vs. 0.68x at end-December 2021. Keppel announced S$332mn in asset monetization, including divesting its interests in Keppel Logistics, as part of its asset monetization programme that began in September 2020. Regarding the programme, it said that it has announced over S$3.2bn in asset monetization and received about S$2.8bn of this in cash.
Keppel Corp’s SGD 2.9% Perp was flat at 96.71, yielding 4.36%.
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