Bengaluru – Keppel posted a slight drop in its first-quarter net profit on April 23, excluding the non-core portfolio for divestment and discontinued operations, hurt by lower contribution from its real estate division.
The company said better results from infrastructure and connectivity segments were offset by lower contributions from the real estate segment, which had benefited from higher valuation and divestment gains a year earlier.
Keppel flagged limited direct exposure to the Middle East conflict, with no notable impact so far. The company said its gas supply is diversified with most of the gas procured through piped natural gas from Malaysia and some international LNG (liquefied natural gas) cargoes.
“Our integrated power business has been resilient, supported by diversified gas supply and various mechanisms to shield against fuel cost fluctuations,” Keppel chief executive Loh Chin Hua said.
But a prolonged disruption to gas supply and energy crunch and its potential impact on energy security and the macroeconomic environment could impact Keppel’s fundraising and asset monetisation, Mr Loh added.
We are monitoring the situation closely and will calibrate our response accordingly,” he said.
The global asset manager and operator, founded more than half a century ago as a shipbuilding yard, said its asset management fees rose 13 per cent year on year to $108 million in January to March quarter.
The firm has monetised $385 million assets so far in 2026, climbing towards its target of $2 billion-$3 billion of non-core asset monetisation for 2026. REUTERS
