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Singapore's Keppel posts higher nine-month profit as infrastructure shines

By Reuters News

Oct 29 (Reuters) - Singapore's Keppel KPLM.SI reported more than 20% growth in its nine-month net profit on Thursday, 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 7% EBITDA growth, 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%, mainly due to a 4% reduction in the gross asset value of those non-core assets.

Keppel added S$19.5 billion ($15.22 billion) of new funds under management (FUM) year-to-date, having already surpassed its end-2026 target of S$100 billion in FUM in July.

Asset monetisation stood at S$3.7 billion year-to-date, also exceeding its 2026 target range of S$2 billion to S$3 billion.

($1 = 1.2810 Singapore dollars)

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