For the first quarter of 2024, Keppel has reported strong performance across the board in terms of operations. With the increased contributions from asset management and operating income, recurring income increased by 51%. Net profit increased gradually, omitting the impact of legacy offshore and marine assets.

However, net profit decreases annually when the effects of legacy marine and offshore assets are taken into account. During its optional business update for the first quarter of its financial year on April 25, the company did not disclose real earnings figures.

The consequences of Seatrium shares’ profit and loss are included in the legacy assets. During the quarter, the company’s asset management fees increased by 52% from the previous year to $88 million, with gains seen in all three segments, such as infrastructure, real estate, and connectivity.

The organization’s CEO, Loh Chin Hua, stated that the business has made around $170 million in asset sales so far this year, including the planned sale of a residential development in Wuxi, China. As a result, its asset monetisation from October 2020 increased by about $5.5 billion.

As of March 31, 2023, its net gearing remained constant at 0.90 times that of December 31, 2023. Additionally, Keppel received a cash payment from Asset Co. during the quarter totaling $71.3 million. About 64% of Keppel’s borrowings had fixed rates, weighted durations of almost three years, and a competitive average cost of funds of 3.81%.

Mr. Loh said Keppel started 2024 on a good footing, riding on the momentum of its transformation into a global asset manager and operator. Further, he added, “We can create alphas for the funds that we manage and reinforce Keppel’s unique value proposition to our global limited partners.”