WS Investor
23 Apr 2026, 21:36
Keppel Ltd. reported a resilient first-quarter 2026 performance, with slightly lower year-on-year net profit but improved cash flow and recurring income.
Earnings were supported by stronger contributions from Infrastructure and Connectivity, offset by weaker Real Estate performance and fair value losses. Recurring income rose modestly, while asset management fees increased 13% year-over-year to S$108 million, reflecting continued growth in its fund management business.
The company generated strong free cash inflows, reversing prior-year outflows, driven by operating performance and proceeds from investments and divestments. Keppel also announced S$385 million in asset monetisation year-to-date and targets S$2–3 billion in non-core asset sales for 2026.
Management highlighted solid fundraising momentum, with around S$2 billion in new investor commitments in advanced stages, and maintained a positive outlook despite global uncertainty, noting limited direct exposure to Middle East risks.
Earnings were supported by stronger contributions from Infrastructure and Connectivity, offset by weaker Real Estate performance and fair value losses. Recurring income rose modestly, while asset management fees increased 13% year-over-year to S$108 million, reflecting continued growth in its fund management business.
The company generated strong free cash inflows, reversing prior-year outflows, driven by operating performance and proceeds from investments and divestments. Keppel also announced S$385 million in asset monetisation year-to-date and targets S$2–3 billion in non-core asset sales for 2026.
Management highlighted solid fundraising momentum, with around S$2 billion in new investor commitments in advanced stages, and maintained a positive outlook despite global uncertainty, noting limited direct exposure to Middle East risks.