Singapore’s Keppel Ltd reported on Thursday a 25% rise in its first-quarter net profit, excluding legacy offshore and marine (O&M) assets, driven by strong performance in its infrastructure segment and stronger performance in asset management.
Keppel, which was founded more than half a century ago as a shipbuilding yard, said its asset management fees for the quarter increased by 9% year-on-year to S$96 million ($72.99 million).
The company is transitioning into an asset manager, aiming to oversee S$200 billion by 2030. It reported monetization of S$347 million in assets year-to-date.
While Keppel did not disclose detailed profit or revenue figures for the quarter, it said that its first-quarter net profit, including legacy O&M assets, more than doubled.
($1 = 1.3153 Singapore dollars)
Reuters
