Keppel's net profit falls sharply by 92% YoY to $304m in H1 2024

Excluding legacy O&M assets, net profit from continuing operations would be 7% YoY higher.

Keppel suffered a 92% year-on-year (YoY) drop in its net profit in H1 2024, falling to $304m.

Data from its latest financial statement showed that its net profit fell, consistent with a 13% YoY decrease in revenue to $3.2m and a 12% YoY reduction in operating profit to $506m.

If the effects of its legacy offshore and marine (O&M) assets, which expanded losses to $209m, were excluded, net profit from Continuing Operations would be 7% higher YoY at $513m.

Excluding legacy O&M assets, the company's earnings per share (EPS) would be 5% higher YoY at $0.282. Including the legacy O&M assets, EPS would be 33% lower YoY at $0.167.

During the period, Keppel experienced a decline in real estate contributions. Nonetheless, the stronger earnings in the Infrastructure and Connectivity segments more than offset this decline.