Keppel H2 profit from continuing operations up 19.9% to S$527.9 million

KEPPEL recorded a profit from continuing operations of S$527.9 million for its second half ended Dec 31, up 19.9 per cent from S$440.3 million in the year-ago period. 

Including profit from discontinued operations, this brings its total profit to S$636 million for its second half up 44.6 per cent from S$439.9 million from the year-ago period, it said on Wednesday (Feb 5).

This translates to a basic earnings per share (EPS) of S$0.349, a 41.9 per cent increase from S$0.246 previously. EPS from continuing operations was at S$0.29, up 17.9 per cent from S$0.246 in the previous corresponding period.

The group attributed its higher earnings for H2 to profit growth from its real estate and connectivity segment, which registered increases in net profit year on year. Its infrastructure segment recorded lower net profit compared with the year-ago period. 

Revenue for H2 rose 3.9 per cent to S$3.4 billion from S$3.3 billion in the previous corresponding period, driven largely by growth from its real estate segment. 

Its real estate segment registered a 46.4 per cent rise in H2 revenue to S$339.3 million from S$231.7 million in the year-ago period. This was attributed to property trading projects in Singapore and Indonesia, but was partly offset by lower revenue from property trading projects in China, the group said. 

Revenue from its infrastructure segment grew marginally by 1 per cent, while its connectivity segment’s revenue was “comparable” to the previous corresponding period, the group said. 

The asset manager proposed a final cash dividend of S$0.19 per share for FY2024, unchanged from that in the previous corresponding period. The proposed final dividend will be paid on May 9 if it is approved by shareholders at the next annual general meeting scheduled to be held on Apr 21. 

Together with an interim dividend of S$0.15 per share, paid to shareholders in August 2024, this brings the total cash dividend for FY2024 to S$0.34 per share. 

Its full-year profit from continuing operations fell 6 per cent to S$832 million from S$885.2 million in the year ago period. Its profits from both discontinued and continuing operations for the full year declined 76.9 per cent to S$940.2 million from S$4.1 billion in the previous corresponding period. 

This translates to a basic EPS of S$0.516, down 77.3 per cent from S$2.276 previously. EPS from continuing operations was at S$0.457, down 7.7 per cent from S$0.495.

Revenue for the full year fell 5.2 per cent to S$6.6 billion from S$6.9 billion.

Shares of Keppel closed down 1.6 per cent or S$0.11 at S$6.63 on Tuesday.