- Keppel Corp’s solid 1H23 numbers met our expectations. The two key highlights were the continued strength in its infrastructure business which saw a doubling of its segmental net profit, as well as the dividend in-specie of Keppel REIT involving 1 Keppel REIT unit for every 5 Keppel Corp shares.
- - Read this at SGinvestors.io -
Solid 1H23 results.
- - Read this at SGinvestors.io -
- Including the S$3.3b in disposal gain from the divestment of Keppel Offshore Marine (KOM), net profit was S$3.6b, which is the highest in the company’s 55-year history.
- 1H23 ROE (excluding discontinued operations) was 8.0% vs 7.3% in 1H22.
- Infrastructure reported an exceptionally strong performance with segmental net profit more than doubling to S$291m with the connectivity segment also putting in decent growth, growing 12% to S$37m. Real estate segment, as expected, continues to face a challenging environment in its key China market that caused its segmental net profit to decline 29% y-o-y to S$186m.
It’s raining dividends.
- Read more at SGinvestors.io.
