Keppel's Profit Boosted by Sale of Offshore & Marine Business

Credit: Keppel O&M
Credit: Keppel O&M

Singaporean conglomerate Keppel Corp Ltd on Thursday posted a higher net profit for the first quarter, boosted by a significant one-off gain recognized from the sale of its offshore & marine unit.

In February, Sembcorp Marine completed a S$4.50 billion ($3.37 billion) buyout of Keppel's offshore & marine unit after receiving the necessary shareholder approvals.

Keppel recognized a gain of S$3.3 billion and received S$500 million of cash in the first quarter following the transaction, it said.

The company did not disclose a profit figure, but said that revenue for the quarter was S$2.26 billion, up 9% from S$2.07 billion a year earlier.

"We have achieved our 3-year asset monetization target ahead of schedule, with over S$4.9 billion announced since October 2020," Keppel said.

Keppel is expected to exceed the top end of the S$3-S$5 billion asset monetization target by year-end, and will announce a new interim goal shortly, it added.

($1 = 1.3335 Singapore dollars)

(Reporting by Harish Sridharan in Bengaluru)

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