Keppel’s net profit rebounds to $300m in H1 2021

All of its key businesses were profitable in the first six months of the year.

Keppel Corporation reported a net profit of $300m for the first half (H1) of the year ending 30 June, following a $537 net loss for the same period last year.

The group’s revenue was driven by contributions from its urban development, asset management, and energy and environment segments.

“Notwithstanding the continued impact of COVID-19 on the global economy, all of Keppel’s key business units were profitable in H1 2021. As a Group, we have not only returned to profitability compared to H1 2020 but have also done better than pre-COVID H1 2019, excluding RIDs and COVID-19-related government grants,” said Keppel Corp CEO Loh Chin Hua in a bourse disclosure.

It has recently, as a part of its Vision 2030, signed a non-binding memorandum of understanding on combining Keppel O&M with Sembcorp Marine, and the resolution of Keppel O&M’s legacy rigs.

Keppel also plans to divest its logistics business and is currently evaluating bids.

It has monetized over $2.3b in assets since September 2020 and has completed half of these transactions to improve its cash flow and net gearing.