KEPPEL Corporation reported on Thursday (Jul 27) its highest profit on record in its 55-year history, underpinned by a S$3.3 billion disposal gain from the divestment of its offshore and marine (O& M) business.

 

The group&rsquo s net profit for the six months ended Jun 30 rose to over S$3.6 billion, significantly higher than the S$498 million reported in the same period last year.

 

Excluding its discontinued O& M operations in both periods, Keppel&rsquo s net profit attributable to shareholders of the company was S$445 million for the first half of 2023.

 

Earnings per share stood at 203 Singapore cents, a more than sixfold increase from 27.9 Singapore cents in H1 2022. 

 

Revenue from continued operations grew 11 per cent to S$3.7 billion in the first half of the year, from S$3.4 billion previously. This was underpinned by higher contributions from the company&rsquo s infrastructure and connectivity segments.

 

Shareholders will receive a total cash dividend of 33 Singapore cents per share, which translates to a yield of 4.7 per cent based on Keppel&rsquo s closing share price of S$6.99 on Jul 26.

 

For every five Keppel Corporation shares held, Keppel&rsquo s shareholders will receive one Keppel Reit unit to mark its 55th anniversary.

 

Loh Chin Hua, Keppel&rsquo s chief executive officer, said: &ldquo Following the successful divestment of the O& M business, we embarked on a monumental shift to remove our conglomerate structure and become a global alternative real asset manager, with deep operating capabilities in infrastructure, real estate and connectivity.

 

&ldquo The strong execution of our transformation plans has allowed us to create superior, tangible value for shareholders.&rdquo