SINGAPORE’S Keppel reported more than 20-percent growth in its nine-month net profit on Thursday, excluding the noncore 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 7-percent growth in earnings before interest, taxes, depreciation and amortization, supported by the commercial startup of the Keppel Sakra Cogen plant.
The connectivity segment, which houses Keppel’s data center business, also contributed to earnings growth, benefiting from its focus on power-constrained markets and disciplined underwriting.
However, including its noncore portfolio for divestment and discontinued operations, Keppel’s overall nine-month net profit fell 40 percent, mainly due to a 4-percent reduction in the gross asset value of those noncore assets.
Keppel added SG$19.5 billion ($15.22 billion) of new funds under management (FUM) year to date, having already surpassed its end-2026 target of SG$100 billion in FUM in July.
Asset monetization stood at SG$3.7 billion year to date, also exceeding its 2026 target range.
“Despite the volatile environment, we have exceeded our target of $2-3 billion in noncore asset monetization announced for the year. This would unlock capital to fund growth, reduce debt and reward shareholders,” said Keppel Chief Executive Loh Chin Hua.
Shares of the company rose as much as 2.4 percent, marking their best session in a month, while the broader benchmark was up 0.5 percent.
