Keppel’s FY2024 net profit rises 5% YoY to $1.06b

The infrastructure segment contributed 63% of Keppel’s net profit.

Keppel reported a 5% year-on-year (YoY) increase in net profit for FY2024, rising to $1.06b from $1.05b in the previous year.

The infrastructure segment contributed 63% of Keppel’s net profit, driven by stable recurring income, whilst the connectivity segment accounted for 17% of net profit, bolstered by a 45% YoY earnings growth.

The board has proposed a final cash dividend of $0.190 per share for FY2024, to be paid to shareholders on 9 May, after approval at the company’s annual general meeting.

Including the interim dividend of $0.150 per share paid to shareholders in August 2024, the total cash dividend for the period is $0.340 per share. 
Including the final dividend declared for FY24, Keppel would have paid a total of $3.37 per share in dividends and distributions in specie over the past three financial years.

“Amidst the volatile global environment, we delivered higher earnings bolstered by steady recurring income, which anchored 72% of net profit in FY2024. Our asset management fees in FY2024 grew strongly by 54% to $436m as we selectively made investments and raised FUM from $55b to $88b,” Loh Chin Hua, CEO of Keppel said.