Keppel Corp. posts “slightly higher” profit in Q1

All its key business units were “profitable,” except Keppel Offshore & Marine.

Keppel Corporation Limited reported its net profit in the first quarter was “slightly higher year-on-year,” noting all its key business units were profitable, save for Keppel Offshore & Marine.

The Group’s revenue increased to $1.889b during the quarter, up slightly from $1.857b over the same period in the previous year.

This was driven by the higher contributions from the urban development and asset management segments, offset by lower revenues from the energy and environment segment.

“Keppel’s business units made creditable progress in the first quarter of 2021, against the backdrop of a gradual recovery from the pandemic,” CEO Loh Chin Hua said.

In line with Vision 2030, we have continued to launch new initiatives…, which will grow our Connectivity business and provide an important platform to harness synergies across various business units including Keppel Data Centres, M1 and Keppel Capital.”

Keppel Land’s home sales tripled to 1,360 units underpinned by stronger performance in China, Vietnam, and the UK during the quarter.

In its asset management segment, meanwhile, Keppel Capital grew with launch of a China logistics property fund with initial equity commitment of $286.48m (RMB1.4b) and the securing of a $360m separate account mandate from Dutch fund manager, PGGM.

The company’s energy and environment segment improved but remained “loss-making” during the quarter. Keppel O&M secured some $66m worth of contracts to upgrade and repair wind turbine installation and gas-related vessels.