Data centre demand drives Keppel's annual profit higher (updated)

Keppel

05/02/2025 24:09

(Adds details and background from paragraph 2 onwards)
       Feb 5 (Reuters) - Singapore's Keppel  KPLM.SI  posted a
5% rise in its full-year underlying profit on Wednesday, as its
connectivity segment saw it earnings boosted by strong demand
for digital infrastructure required for artificial
intelligence-based services.
    Annual net profit for Keppel's connectivity segment, which
operates its data centre business, rose nearly 45%.
    Keppel's highest earning infrastructure segment, on the
other hand, saw its profit fall 4% to S$673 million for the 12
months ended Dec. 31, due to lower fair value gains from sponsor
stakes and lower distributions from unit Keppel Infrastructure
Trust  KEPL.SI .
    The asset manager's net profit from continuing operations
rose to S$1.06 billion ($784.20 million) in 2024, from S$1.02
billion reported a year earlier. 
    Keppel, which is transitioning into an asset manager with a
target of overseeing S$200 billion by 2030, declared a final
dividend of 19 Singapore cents per share, same as last year.


($1 = 1.3517 Singapore dollars)

 (Reporting by Aaditya Govind Rao & Rajasik Mukherjee in
Bengaluru; Editing by Rashmi Aich)
 ((Rajasik.Mukherjee@thomsonreuters.com;))