Singapore's Keppel nine-month profit jumps on infra boost (updated)

Keppel

29/10/2026 24:54

Adds share moves in last paragraph, CEO comment in paragraph 7
Posts over 20% jump in nine-month net profit
Asset monetisation at S$3.7 billion YTD exceeds 2026 target
Shares up as much as 2.4%, on track for best day in a month
Oct 29 (Reuters) - Singapore's Keppel KPLM.SI reported more than 20% growth in its nine-month net profit on Thursday, excluding the non-core portfolio for divestment and discontinued operations, helped by strong performance in its infrastructure and connectivity units.
The asset manager's infrastructure segment delivered strong earnings, with its integrated power business recording 7% growth in earnings before interest, taxes, depreciation and amortization, supported by the commercial start-up of the Keppel Sakra Cogen plant.
The connectivity segment, which houses Keppel's data center business, also contributed to earnings growth, benefiting from its focus on power-constrained markets and disciplined underwriting.
However, including its non-core portfolio for divestment and discontinued operations, Keppel's overall nine-month net profit fell 40%, mainly due to a 4% reduction in the gross asset value of those non-core assets.
Keppel added S$19.5 billion ($15.22 billion) of new funds under management (FUM) year to date, having already surpassed its end-2026 target of S$100 billion in FUM in July.
Asset monetisation stood at S$3.7 billion year to date, also exceeding its 2026 target range.
"Despite the volatile environment, we have exceeded our target of $2-3 billion in non-core asset monetisation announced for the year. This would unlock capital to fund growth, reduce debt and reward shareholders,” said Keppel Chief Executive Loh Chin Hua.
     Shares of the company rose as much as 2.4%, marking their best session in a month, while the broader benchmark .STI was up 0.5%.
     
($1 = 1.2810 Singapore dollars)
     

(Reporting by Keshav Singh Chundawat and Anjali Singh in Bengaluru; Editing by Shailesh Kuber, Sherry Jacob-Phillips and Rashmi Aich)
((Keshav.SinghChundawat@thomsonreuters.com; anjali.singh2@thomsonreuters.com;))