Keppel shares tumble 4.3% after reporting net profit drop of 59%

[SINGAPORE] Shares of Keppel closed 4.3 per cent lower on Thursday (Jul 30) after the asset manager reported a 59 per cent drop in overall net profit for the first half of its fiscal year.

The counter closed at S$11.48, having dropped S$0.52. This came after it rose 2.9 per cent or S$0.34 to close at S$12 the previous day.

The S$154.7 million net profit for the first half ended Jun 30 was down from S$377.7 million a year earlier.

The group’s results were dragged down by a S$375 million net loss in its non-core portfolio.

This was hit by about S$165 million in impairments on legacy rig assets’ – including recycled foreign currency translation losses net of write-backs in cost provisions – interest costs, and depreciation and amortisation adjustments following the termination of M1 telco’s sale to Simba in May.

Looking past its non-core drag, Keppel highlighted that its continuing core business – which it labels “New Keppel” – posted a 25 per cent rise in net profit to about S$530 million, from around S$424 million the previous year.

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Keppel H1 net profit falls 59% to S$154.7 million on rig impairments, M1 deal fallout; shares close 4.3% lower

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Group revenue surged 24.6 per cent on the year to around S$3.8 billion, lifted by strong top-line expansions in its infrastructure and connectivity arms.

Keppel also declared an interim cash dividend of S$0.15 per share for H1 2026, unchanged from the year-ago period.