Keppel - OCBC Investment 2024-02-01: New Year, New Name

• In its FY23 results, Keppel reported a net profit of S$4.1b, the highest profit on record in the group’s 55-year history. This was bolstered by a S$3.3b disposal gain from the divestment of the offshore & marine business.

New year, new name –

• - Read this at SGinvestors.io -
• Under Keppel’s Vision 2030 plan introduced earlier, the firm has reorganised itself into three horizontally integrated platforms comprising
  • - Read this at SGinvestors.io -
  • Investment, and
  • Operating Platforms.

Highest profit in history boosted by S$3.3b disposal gain –

• Keppel reported FY23 net profit of S$4.1b, the highest profit on record in the group’s 55-year history. This was bolstered by a S$3.3b disposal gain from the divestment of the offshore & marine business.
• Net profit from continuing operations was S$996m in FY23, about 19% higher. All three segments – Infrastructure, Real Estate and Connectivity – were profitable, with Infrastructure’s net profit rising sharply by 135% y-o-y to S$699m bolstered by the integrated power business.
• Despite challenging conditions in China, the Real Estate segment still managed to deliver S$426m in net profit (excluding loss from distribution in-specie of Keppel REIT units).

S$0.34/share cash dividend in addition to earlier distributions in specie

• Read more at SGinvestors.io.

OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-02-01 SGinvestors.io

---