- Keppel Infra Trust’s 1H25 group revenue was 11.5% higher y-o-y at S$1.1b, outpacing a 9.4% y-o-y increase in total expenses.
- Distributable income (DI) rose 31.2% y-o-y to S$119.4m, as growth in the Distribution & Storage segment offset declines in the rest of the portfolio. This translated to a 1% y-o-y increase in Keppel Infra Trust's DPU to 1.97 Singapore cents, which constituted 50% of our initial full year forecast and met our expectations.
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Underlying performance was a mixed bag
- Funds from operation (FFO) from the Energy Transition segment declined 7.8% y-o-y to S$109.7m. The renewables portfolio was the key detractor, with Borkum Riffgrund 2 (BKR2) experiencing unusually low wind speeds in 1H25, though there were signs of recovery in May and June.
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Keppel Marina East Desalination Plant offset lower contribution from Senoko WTE
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