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Keppel Corporation announces business updates for 3Q & 9M 2020

The Group returned to profitability in 3Q 2020; makes steady progress on Vision 2030 with a 100-day programme to drive results

Keppel Corporation Limited (Keppel) has today released its first voluntary business update for 3Q & 9M 2020, following the adoption of semiannual reporting of its results.

Many of Keppel’s businesses provide essential services and continued to operate throughout the COVID-19 pandemic. As the COVID-19 situation stabilises in Singapore and other key markets where the Group operates, Keppel’s employees are progressively returning to the workplace, while observing the relevant safe management measures.

The Group returned to profitability in 3Q 2020, compared to 2Q 2020’s net loss of S$697 million, though 3Q 2020’s net profit is significantly lower year-on-year. Except for Keppel Offshore & Marine, all key business units were profitable in 3Q 2020. However, the Group remained loss-making for the first nine months of 2020, due to the significant impairments of S$919 million, mainly from the offshore and marine business, recorded in 2Q 2020.

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Keppel reports net profit of S$160m in 1Q 2020

All key business units remain profitable despite COVID-19, many continue to provide essential services during Singapore’s circuit breaker.

Keppel Corporation Limited reported a net profit of S$160 million for the first three months of 2020, 21% below the S$203 million for 1Q 2019, mainly due to an absence of gain from the divestment of a 70% interest in Dong Nai Waterfront City, Vietnam a year ago. Many Keppel business units provide essential services and continue to operate during the circuit breaker in Singapore.

The Group achieved revenue of S$1,857 million for 1Q 2020, which was 21% higher than that of 1Q 2019, due mainly to higher revenues from offshore & marine projects, property trading projects in Singapore, the power and gas business, and with the consolidation of M1. Revenue growth for 1Q 2020 was partly offset by lower contributions from property trading projects in China, environmental engineering projects and asset management.

Keppel reports net loss of S$537m for 1H 2020 due to Offshore & Marine impairments

Excluding impairments, the Group would have registered 1H 2020 net profit of S$393 million, 5% higher year-on-year, with resilient performance by other key business units 

Interim dividend of 3.0 cents per share declared for 1H 2020

Keppel Corporation Limited reported a net loss of S$537 million for the half year ended 30 June 2020, compared to a net profit of S$356 million for 1H 2019, after S$930 million of impairments mainly related to Keppel Offshore & Marine’s stranded assets, receivables, stocks and share of impairment provisions from Floatel. Excluding impairments, the Group would have registered net profit of S$393 million for 1H 2020, 5% higher year-on-year, underpinned by resilient operations from other businesses in the Group.

The Group’s 1H 2020 revenue of S$3,182 million, was slightly lower compared to the S$3,315 million achieved in 1H 2019. Lower contributions from property trading projects in China, power and gas sales, environmental engineering projects and asset management were partially offset by higher revenues from O&M projects and the consolidation of M1 from March 2019.

Keppel Corporation announces business updates for 3Q & 9M 2020

The Group returned to profitability in 3Q 2020; makes steady progress on Vision 2030 with a 100-day programme to drive results.

Keppel Corporation Limited (Keppel) has today released its first voluntary business update for 3Q & 9M 2020, following the adoption of semiannual reporting of its results.

Many of Keppel’s businesses provide essential services and continued to operate throughout the COVID-19 pandemic. As the COVID-19 situation stabilises in Singapore and other key markets where the Group operates, Keppel’s employees are progressively returning to the workplace, while observing the relevant safe management measures.

The Group returned to profitability in 3Q 2020, compared to 2Q 2020’s net loss of S$697 million, though 3Q 2020’s net profit is significantly lower year-on-year. Except for Keppel Offshore & Marine, all key business units were profitable in 3Q 2020. However, the Group remained loss-making for the first nine months of 2020, due to the significant impairments of S$919 million, mainly from the offshore and marine business, recorded in 2Q 2020.

Keppel nets profit of S$203m in 1Q 2019

Keppel Corporation Limited reported a net profit of S$203 million for the first three months of 2019, 40% below that of S$337 million for 1Q 2018. In 1Q 2018, the Group benefitted from a S$289 million gain arising from the en-bloc sale of Keppel Cove in Zhongshan, China as compared to gains of S$174 million in the current period from the divestment of a 70% interest in Dong Nai Waterfront City, Vietnam and the re-measurement of previously held interests in M1 Limited at acquisition date.

The Group achieved revenue of S$1,531 million for 1Q 2019, which was $61 million or 4% higher than that of 1Q 2018. The increase was underpinned by higher revenues from power and gas sales, infrastructure projects in Singapore and Hongkong, asset management and the consolidation of M1, offset by lower contributions from property trading in Singapore. 

Keppel nets profit of S$356m for 1H 2019

Interim dividend of 8.0 cents per share declared for 1H 2019.

Keppel Corporation Limited (Keppel) reported a net profit of S$356 million for the half year ended 30 June 2019, 39% below the S$586 million achieved a year ago, mainly due to lower contributions from en-bloc sales of property projects which amounted to S$416 million in 1H 2018.

Compared to 1H 2018, the six months of 2019 saw improved performance at Keppel Offshore & Marine which returned to profitability, higher contributions from M1 following the consolidation of its results with the Group, as well as strong earnings growth at Keppel Infrastructure and Keppel Capital.

Keppel nets profit of S$515m for 9M 2019

Net profit lower year on year due to lower gains from en-bloc sales and divestments.

Keppel Corporation Limited (Keppel) reported a net profit of S$515 million for the nine months ended 30 September 2019, with stronger contributions from the Offshore & Marine, Infrastructure and Investments divisions. Net profit for 9M 2019 was 37% lower compared to that of 9M 2018. In 9M 2018, the Group benefited from the en-bloc sales of development projects in China and Vietnam, as well as gains from the divestment of a commercial development in Beijing, which amounted to S$544 million.

All business divisions achieved increased sales in the current financial period, resulting in a 26% year on year growth in the Group's revenue to S$5,382 million for 9M 2019.

Keppel registers net profit of S$707 million for FY 2019

Strong finish in 2019 saw 4Q net profit rise 42% yoy to S$192 million.

Proposed final cash dividend of 12.0 cts/share brings FY 2019 total distribution to 20.0 cts/share at 51% payout ratio.

Keppel Corporation Limited reported a net profit of S$707 million for the 12 months ended 31 December 2019 with stronger contributions from Keppel Offshore & Marine, Keppel Infrastructure and Keppel Capital. This was 25% lower as compared to FY 2018, when the Group had benefitted from S$584 million in gains through the en-bloc sales of development projects and property divestments.

Group revenue grew 27% to S$7,580 million in FY 2019 with higher recognition of ongoing offshore & marine and infrastructure projects, improved sales in the power and gas segment, the consolidation of M1 and higher asset management revenue.

Keppel’s 1Q 2018 net profit up 34% year on year to S$337m

Keppel Corporation Limited (Keppel) reported a net profit of S$337 million for the first three months of 2018, 34% higher than the S$252 million net profit for 1Q 2017, bolstered by higher contributions from the Property Division.

The Group achieved revenue of S$1,470 million for 1Q 2018, which was an improvement of S$222 million or 18% over 1Q 2017. The increase was underpinned by higher revenues achieved by the Property and Infrastructure divisions, which mitigated the impact of lower work volume in the Offshore & Marine Division.

Keppel’s 1H 2018 net profit up 38% year on year to S$583m

Dividends totaling 15.0 cents per share declared for 1H 2018 include a special dividend of 5.0 cents per share.

Keppel Corporation Limited reported a net profit of S$583 million for half year ended 30 June 2018, 38% higher than the S$423 million achieved a year ago. Stronger contributions from the Property and Infrastructure divisions more than offset losses incurred by the Offshore & Marine and Investments divisions in 1H 2018.

The Group’s 1H 2018 revenue of S$2,993 million was 7% higher than the S$2,802 million for 1H 2017. Offshore & Marine and Property revenues remained stable year on year while Infrastructure revenue grew by 23% to S$1,211 million due to better sales in the power and gas businesses, as well as progressive recognition from the Keppel Marina East Desalination Plant project.

Keppel’s 9M 2018 net profit up 18% year on year to S$809m

Keppel Corporation Limited (Keppel) reported a net profit of S$809 million for the nine months ended 30 September 2018, 18% higher than the S$688 million achieved a year ago. This was underpinned by stronger contributions from the Property
and Infrastructure divisions, which more than offset losses incurred by the Offshore & Marine and Investments divisions.

The Group’s 9M 2018 revenue of S$4,288 million was slightly lower compared with S$4,419 million for 9M 2017. Revenue recognition from the rigs sold to Borr Drilling, coupled with increased power and gas sales, were offset by lower contributions from property trading and asset management, a decrease in the O&M Division’s work volume, as well as the absence of the sale of investments.

Keppel nets profit of S$944 million for FY 2018, up 382% yoy

Proposed final cash dividend of 15.0 cts/share will bring total cash distribution to 30.0 cts/share for FY 2018.

Keppel Corporation Limited (Keppel) reported a net profit of S$944 million for the 12 months ended 31 December 2018. This was 382% higher than the S$196 million net profit for FY 2017, which included the S$619 million one-off financial penalty and related costs arising from Keppel O&M’s global resolution with criminal authorities in the United States, Brazil and Singapore.

The Group’s FY 2018 net profit of S$944 million would have been 16% higher year on year, excluding the one-off financial penalty and related costs in FY 2017. Earnings growth for the period was underpinned by stronger performance from across the Offshore & Marine, Property and Infrastructure divisions.

Keppel nets higher profit of S$421m for 1H 2017, bolstered by multi-business strategy

Tax exempt one-tier interim dividend of 8.0 cents per share declared.

For the half year ended 30 June 2017, Keppel Corporation Limited reported a net profit of S$421 million, slightly higher than the S$416 million for 1H 2016. Group revenue of S$2,802 million for 1H 2017 was S$566 million, or 17% below that of the same period in 2016.

Keppel posts 11% yoy net profit growth to S$712m for 9M 2017

Non-O&M businesses underpin 29% yoy increase in 3Q 2017 net income to S$291m

For the nine months ended 30 September 2017, Keppel Corporation Limited reported a net profit of S$712 million, 11% higher than the S$641 million for 9M 2016. Group revenue of S$4,419 million for 9M 2017 was S$408 million, or 8% below that of the same period in 2016.

Keppel posts FY 2017 net profit of S$217m compared to S$784m a year ago following one-off penalty

The proposed final cash dividend of 14.0 cents per share will bring the total cash distribution for FY 2017 to 22.0 cents per share, representing a payout ratio of about 48% on the Group’s net profit of S$836 million, excluding Keppel O&M’s one-off financial penalty and related costs.

Keppel Corporation Limited reported a net profit of S$217 million for the 12 months ended 31 December 2017. This was 72% lower than the S$784 million net profit for FY 2016, due mainly to the one-off financial penalty arising from Keppel O&M’s global resolution with criminal authorities in the United States, Brazil and Singapore, and related legal, accounting and forensics costs amounting to S$619 million.

Excluding the one-off financial penalty and related costs, the Group would have turned in a net profit S$836 million for FY 2017, 7% higher compared to S$784 million a year ago.