As businesses recover, Keppel’s half-year earnings jumps

On Thursday, the Singaporean conglomerate Keppel Corp reported a first-half profit that increased by 66%. This increase was made possible by better earnings across most of its core sectors and a resurgence at its offshore and marine (O&M) arm.

Keppel, which can trace its roots back to a modest ship repair yard that was corporatized in 1968, has experienced a bounce back this year in its renewable energy and asset management sections, which has helped to offset a decrease in its urban development sector.

“In an extended inflationary environment, demand for real assets with cash flow, such as those which Keppel develops, operates, and manages, will continue to grow,” Chief Executive Officer Loh Chin Hua made in the statement.

In comparison to the net profit of S$300 million that the company reported for the same period of time in the previous year, they reported a net profit of S$498 million ($360.71 million) for the six months ending on June 30.

Related Posts

The O&M arm, which is Keppel’s second-biggest and which is merging with Sembcorp Marine, saw a comeback in business as a result of an increase in the price of oil on a global scale.

Keppel stated that its O&M division is in advanced conversations with Petrobras for up to two additional floating production storage and offloading vessel projects. The company also stated that the projects have the potential to add more than S$8 billion to the order book for the division.

At the end of June, the order book for the division was worth 4.4 billion Singapore dollars.

However, earnings from Keppel’s urban development sector took a hit, mostly as a result of lower contributions from the company’s China trading projects and lower fair value gains from investment properties.

The real estate industry in China has been lurching from one crisis to another and has been a significant drag on the overall growth of the country over the course of the last year.

Keppel’s profit from continuing operations attributable to shareholders increased by 26.4 percent to a total of S$434.1 million. This figure does not include O&M expenses, some out-of-scope assets, or other adjustments.

The company announced an interim dividend payment of 15 Singapore cents per share, which is an increase over the previous payment of 12 Singapore cents per share.

Jasmine C.

Mabuhay! An upcoming Newswriter for the Asian Affairs from the Pearl of the Orient - Philippines. Avid follower of celebrity gossips, fashion news. I got into writing so that my fellow Kababayan will be constantly updated with the latest news.

Recent Posts

V Surprises ARMY with Two Holiday Releases: A Festive Collab with Park Hyo-shin and “White Christmas” Cover

For K-pop fans, the Christmas season this year has become even more magical as several of their preferred stars reveal…

November 22, 2024

Celine Names TWS as Global Ambassadors Following Suzy Bae Announcement

After Suzy Bae's nomination as Celine's worldwide ambassador, the venerable French luxury fashion company has taken another bold step choosing…

November 22, 2024

Reddit Faces Widespread Outage, Users Turn to Workarounds Amid ‘Server Error’ Messages

Thousands of users of the well-known social network Reddit were left without access after a major outage of the website.…

November 22, 2024

Anne Hathaway Casted as ‘Verity’ in Colleen Hoover’s Book Adaptation

Anne Hathaway is slated to play the much expected film version of Colleen Hoover's best-selling book Verity in front of…

November 21, 2024

Gucci Set to Revolutionize Fashion Presentations with Unified Shows in 2025 under Sabato De Sarno’s Vision

Gucci is ready to change its presentation approach for 2025 in a radical action aimed to revolutionize the fashion industry.…

November 21, 2024

South Korea’s “Korea Discount”: Addressing the Governance Gap to Boost Market Value

As world investors wait for significant changes that might solve long-standing problems of governance and responsibility in South Korea's companies,…

November 21, 2024

This website uses cookies.

Read More