Keppel Corporation’s net profit down 9% to $927m in FY22

The decline in urban development earnings caused net profit decrease.

SGX-listed Keppel Corporation posted $927m net profit, down 9% in fiscal year 2022 compared to the year prior due to some decline in its earnings.

In a bourse filing, Keppel said its net profit was supported by asset management and energy and environment segments. The asset management segment contributed the largest earnings with $311m.

The decline in its net profit was caused by the decline in “urban development earnings, provisions for certain projects at Keppel Offshore & Marine yard in the US, and lower fair value gains from Keppel’s investment in Envision AESC.”

It was partly offset by a $293m partial reversal of impairments made in 2020 for Keppel O&M’s legacy rig assets when oil price fell due to the pandemic.