Singapore's Keppel Logs Over Seven-Fold Jump in First-Half Profit

Reuters2023-07-27

July 27 (Reuters) - Singapore's Keppel Corp on Thursday reported a more than seven-fold jump in its first-half profit boosted by a one-off gain from the sale of its offshore and marine unit and strong performance from the infrastructure business.

Keppel sold its offshore and marine business in February for S$4.50 billion ($3.40 billion) to Sembcorp Marine, recognising a gain of S$3.3 billion, as it aims to transform into an asset manager overseeing $150 billion by 2030 and focus on green energy.

Net profit for the first-half ending June 30 rose to S$3.63 billion ($2.75 billion) from last year's S$498 million.

Keppel, which traces its roots to a small ship repair yard corporatised in 1968, proposed an interim dividend of 15.0 Singapore cents per share, the same as last year.

($1 = 1.3231 Singapore dollars)

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