Keppel Corporation Reports 25% Q1 Profit Growth, Expects Limited Tariff Impact

Keppel Corporation reported a strong first quarter in 2025, with net profit rising over 25% year-on-year when excluding legacy offshore and marine assets. The results were driven by stable infrastructure earnings, improved real estate contributions, and higher asset management returns, with recurring income contributing more than 80% of net profit. The company achieved S$347 million in asset monetizations to date and is in advanced talks for an additional S$550 million in divestments, mainly from real estate assets in China and Vietnam. Asset management fees rose 9% year-on-year, and Keppel raised S$1.6 billion in equity while securing S$2 billion in new private fund commitments. Infrastructure revenues grew 31%, and significant progress was made on the Bifrost subsea cable, now 92% complete and expected to be operational in the second half of 2025. These developments reflect Keppel's strategic focus on strengthening its financial position and enhancing shareholder value.