Keppel reports 5% YoY higher revenue of $5.3b in 9M23

The company attributed its better performance to strong earnings growth for its 3 segments.

Keppel Corporation’s revenue in the first nine months of the financial year 2023 (9M23) hit $5.3b, an increase of 5% from the same period last year.

In a bourse filing, the company attributed the increase to improvements in all of its three horizontal segments, particularly its Infrastructure Division.

In 9M23, Keppel’s Infrastructure Division secured more than $1.3b of new Energy-as-a-Service (EaaS) contracts, bringing the company’s long-term supply and services contract backlog to $4.1b, with earnings visibility over 10-15 years.

As of end-September, Keppel’s net gearing has also increased slightly to 0.89x, mainly due to the payment of the interim dividends.  

Given the company’s net gearing getting close to 0.9x, 

Asked how Keppel is "thinking about" their net gearing getting close to 0.9x “from the perspective of paying dividends in the current interest environment, the company said: “Although we cannot give any projection on dividends, you can see that we will be paying about $2.704 this year, including the distribution in-specie (DIS) of Seatrium shares and the recently approved DIS of Keppel REIT units, interim dividend for this year and final dividend for last year, totalling $2.70.”