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Keppel's profits soar in H1 2022
Keppel Corp reported an overall net profit of S$498M (US$361M) for the half-year ended 30 June 2022, an increase of 66% over the previous year
Excluding discontinued operations, the Group said net profit from operations in H1 2022 was S$434M (US$314M), representing a 26% increase year-on-year, bolstered by recurring income which grew 43% to S$202M.
The Group’s revenue from operations grew 16% to S$3.4Bn in H1 2022 from S$2.9Bn for the corresponding period in 2021. The growth was attributed to a significant increase in contributions from the Energy & Environment and Asset Management segments, which more than offset the decline in Urban Development’s revenue.
For the period under review, Keppel achieved an annualised return on equity of 8.4%, versus 5.5% in the same period last year.
But Keppel also attributed its profitability to growth within segments including the discontinued offshore and marine operations. Keppel’s Offshore & Marine (O&M) segment is eyeing a merger with Sembcorp Marine, and the company believes it can realise approximately S$9.4Bn in value from the proposed O&M transactions, which is equivalent to S$5.32 in value per share of Keppel Corp.
Keppel O&M secured S$256M of new orders, bringing its net orderbook to S$4.4Bn at the end of June 2022 and is in advanced discussions with Petrobras for up to two FPSO vessel projects, which would add over S$8Bn to its orderbook if awarded.
The Energy & Environment segment recorded a net profit of S$109M for the period under review, including discontinued operations. This represents a reversal from the net loss of S$179M in 2021.
Keppel has also announced the monetisation of over S$3.6Bn in assets since the asset monetisation programme began in October 2020, including Keppel Marina East Desalination Plant, which is being monetised through Keppel Infrastructure Trust (KIT).
The Group also continued to make progress in driving collaboration and integration across business units. In July 2022, the Group announced a joint initiative between Keppel Corp and KIT to invest S$234M in onshore wind assets with a capacity of 258 MW across Europe. When complete, the Group’s renewable energy portfolio is expected to grow 64% to about 1.8 GW.
The Keppel Board has approved an interim cash dividend of S$0.15 per share for H1 2022. This interim dividend, which will be paid to shareholders 19 August 2022, is higher than 2021’s interim dividend of S$0.12 per share.
Keppel Corp chief executive Loh Chin Hua said, “Keppel has delivered a set of strong results in H1 2022 against a challenging global economic landscape. In an extended inflationary environment, demand for real assets with cash flow, such as those which Keppel develops, operates and manages, will continue to grow, auguring well for the Group.”
“These are very exciting times for Keppel as we prepare for a new phase in the Company’s growth journey. When the Offshore & Marine transactions are completed, the new Keppel will be very different from what we were before. With the global energy transition and decarbonisation efforts, Keppel is in the right space, at the right time.”
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