Keppel logs 20% YoY profit growth in Q3

Net profit from New Keppel increased nearly 15% YoY.

Keppel Ltd.'s overall net profit rose 20% year-on-year (YoY) in the third quarter (Q3) of 2026, including contributions from its non-core portfolio for divestment and discontinued operations.

Excluding these assets, net profit from its core businesses, known as the New Keppel, increased nearly 15% YoY, driven by stronger performance in Connectivity and steady earnings from Infrastructure, according to its business update.

For the first nine months (M9) of 2026, overall net profit fell 40% YoY.

The decline was attributed mainly to impairments, depreciation, operating expenses, and holding costs associated with non-core assets still on its books.

The gross asset value (GAV) of these assets declined 4%.

In contrast, New Keppel’s net profit grew over 20% YoY in the same period, supported by stronger contributions from Infrastructure and Connectivity.

Recurring income also increased more than 10%, with growth across asset management, sponsor stakes and co-investments, and the operating platform.

Keppel generated $354m in asset management fees during the nine months, up 18% YoY.

It completed approximately $4.5b in acquisitions and $3.5b in divestments.

The Infrastructure Division recorded stronger earnings, with its Integrated Power Business posting 7% YoY growth in earnings before interest, taxes, depreciation and amortisation (EBITDA).

Growth was supported by the 600-megawatt Keppel Sakra Cogen Plant, which began operations in late May 2026, and operational efficiencies.

As of end-September, 43% of the division’s contracted power generation capacity was secured under contracts lasting at least three years.

The Real Estate Division announced more than $2.4b in non-core property monetisation in 2026 to date, including the proposed sale of a 51% stake in Keppel South Central to Keppel REIT, as it continued to shift towards an asset-light model.

In Connectivity, Keppel secured 50 megawatts of new data centre capacity under Singapore’s second Data Centre Call for Applications in August 2026.

The division also obtained a Facilities-Based Operator licence for the Kruger Subsea Cable System, which will connect Singapore to the Middle East, with branches serving South Asia.

Keppel said its data centre portfolio focuses on markets with power constraints, with investments supported by counterparties and underwriting criteria.

Following the separation of its core and non-core businesses, Keppel will base ordinary dividends on earnings from New Keppel.

It also aims to distribute special dividends equivalent to 10% to 15% of realised proceeds from non-core asset monetisation.

The company will report changes in the GAV of its remaining non-core portfolio to provide investors with greater visibility into its performance.

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