Keppel’s net profit smashes $1b mark for fifth straight year

The group’s net profit jumped 14% to a whopping $1.5 billion in 2011.

According to a statement, the group’s revenue also surged 10% to $10 billion, with improvement seen in all key divisions.

Earnings per share were also 13% higher at 83.8 cents.

With this record performance, Keppel proposed a final dividend of 26 cents per share. Together with the interim dividend of 17 cents, total distribution for 2011 will be 43 cents per shares, a 13% increase over 2010.

Here’s more from Keppel’s financial statement:

Financial Highlights
All key line items showed double digit improvement as compared to the previous year. Operating profit increased by 22% principally because of better margins at O&M and Energy. Profit before tax increased by 15%.

Net profit reached a record $1.49 billion, an improvement of 14% from the previous year.

Revenue by Segments
Revenue increased 10% to $10.1 billion, with improvement seen in all key divisions.

Offshore & Marine Division remained the main contributor to Group Revenue at 57%.

Infrastructure Division recorded a 14% increase in revenue owing to higher revenue from the cogen power plant as a result of higher retail prices, higher contract load and higher gas sales. This was partly offset by lower revenue from KIE.

Revenue from Property Division saw a significant improvement of 41% due to higher recognition of revenue by both its overseas operations and Singapore trading projects.

Net Profit by Segments
Offshore & Marine Division, which accounted for 71% of the Group’s earnings, increased its net profit by 8% over the previous year.

Infrastructure Division posted a significant 44% improvement in profits, driven mainly by Energy with contributions from KTT. Provisions were made for the Doha wastewater treatment plant due to delays, in what has been a challenging project for KIE to execute.

The Property Division, the second largest contributor to the net profit, registered an increase of 40% in net profit.