Keppel has reported earnings of $377.7 million for 1HFY2025, up 24.2% y-o-y. Revenue in the same half year ended June period was down 5.2% to $3.06 billion, partly from lower sales of utilities.

 

The company has introduced a new reporting metric which excludes non-core portfolio assets held for divestment.

 

Via this so-called " New Keppel" metric, its earnings in the same half year ended June is up 25% y-o-y to $431 million, driven by " strong and steady" infrastructure and real estate earnings.

 

The company is generating more recurring income, with an increase of 7% to $444 million.

 

Funds under management, flagged by the company as it shifts from the old conglomerate business model to an asset manager, increased to $91 billion at end-June 2025.

 

Year to date, the company has announced $915 million worth of divestments, with another $500 million or so that Keppel hopes to conclude by end of the year.

 

Keppel plans to maintain its interim dividend at 15 cents per share.

 

The company is also introducing a $500 million share buy back programme. Shares bought back will be held as treasury shares.

 

" As we accelerate the growth of New Keppel, we expect that the market will re-rate our stock price and accord us a growth multiple," says CEO Loh Chin Hua.