Keppel Infrastructure Trust distributable income up 15.8%YoY to $222.5m in FY2022

This is due to new acquisitions and the performance of Ixom.

Keppel Infrastructure Trust (KIT) saw a 15.8% year-on-year (YoY) increase in distributable income to $222.5m in the financial year 2022 on the back of new acquisitions, steady portfolio performance and a record year at its industrial business in Australia and New Zealand, Ixom.

Ixom’s contribution came from the manufactured chemicals, construction, mining, dairy, and water treatment segments. It also completed three bolt-on acquisitions during the period which includes Bituminous Products in the construction sector, and Aromatic Ingredients and Pure Ingredients in the life sciences sector.

“The strategic review of Ixom is ongoing. While the macro uncertainties and volatilities have made investors more cautious, the Trustee-Manager continues to see keen interest in Ixom, which has been a creditable investment for KIT, delivering attractive and growing returns since 2019,” it said.

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Per segment performance, energy transition increased by 55.5% to around $117.7m, whilst the distribution and storage segment was up 9.5% to $102.6b. The environmental services segment dipped by 1.5% to $70.3m, whilst KIT and Holdco declined by 40% to a $66.1m loss.

KIT said its distribution per unit rose 1% YoY to 3.82 cents, translating to a distribution yield of 7.1% based on its closing price of $0.540 as of 31 December 2022.