Keppel's net profit rises in 1Q24, fueled by key sectors

With legacy offshore and marine assets factored in, net profit dipped YoY.

Keppel's infrastructure and connectivity segments drove 1Q24 net profit up year-on-year.

However, the company's net profit dipped YoY when factoring in legacy offshore and marine assets.

In 1Q24, Keppel reported lower revenue of $1.5b but experienced 51% YoY growth in recurring income, driven by increased contributions from asset management and operating income.

Asset management fees grew 52% YoY to $88m in 1Q24, with improvement in infrastructure, connectivity, and real estate segments.

Meanwhile, Keppel also raised $346m in equity and completed $1.1b in acquisitions and divestments.

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