Singapore’s Keppel Ltd posted a slight drop in its first-quarter net profit on Thursday (Apr 23), excluding the non-core portfolio for divestment and discontinued operations, hurt by lower contribution from its real estate division.
The company said better results from infrastructure and connectivity segments were offset by lower contributions from the real estate segment, which had benefited from higher valuation and divestment gains a year earlier.
The global asset manager and operator, founded more than half a century ago as a shipbuilding yard, said its asset management fees rose 13 per cent year-on-year to S$108 million (US$84.67 million) in the first quarter.
Keppel flagged limited direct exposure to the Middle East conflict, with no notable impact so far, but said a prolonged disruption to gas supply and energy crunch and its potential impact on energy security and the macroeconomic environment could impact its fundraising and asset monetisation.
The company said its gas supply is diversified with most of the gas procured through piped natural gas from Malaysia and some international LNG cargoes.
The firm has monetised S$385 million assets so far in 2026, climbing towards its target of S$2 billion-S$3 billion of non-core asset monetisation for the year.