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Business Times
16 hours ago
- Business
- Business Times
Keppel posts 24.2% rise in H1 profit to S$377.7 million, seeks to monetise S$14.4 billion non-core assets
[SINGAPORE] Asset manager Keppel saw net profit rise 24.2 per cent on the year to S$377.7 million for the first half ended Jun 30, driven by growth in its real estate segment. This translates to an earnings per share of S$0.208, up 23.1 per cent from S$0.169 a year earlier. The profit growth came even as Keppel's top line fell 5.2 per cent to S$3.1 billion. Revenue from the infrastructure segment was down by 12 per cent to S$2 billion, with lower net generation in the integrated power business. The segment's net profit fell 4.9 per cent to S$346.6 million. Performance was lifted by the real estate segment, which posted a S$97.6 million net profit, reversing the year-ago S$19.6 million net loss. Revenue was up 45 per cent to S$94.8 million – on the back of contributions from an India office project acquired last year, as well as a senior living operator in the United States that was consolidated in March Revenue also rose in the connectivity segment – which includes data centres and telco M1 – by 13.9 per cent to S$742.4 million. Keppel's data centre business benefited from higher facility management revenue, while M1 recorded higher enterprise revenue, with contributions from the newly acquired ADG in Vietnam. It also enjoyed higher handset and equipment sales, even as mobile revenue fell. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up However, the segment's net profit fell 16.9 per cent to S$57.5 million, with lower overall earnings from M1, and lower valuation gains on sponsor stakes in private funds. Keppel announced an interim dividend of S$0.15 per share – unchanged from the year-ago period, as well as a S$500 million share buyback programme. The repurchased shares will be used in part for the annual vesting of employee share plans, and as possible currency for future merger and acquisition activities. Keppel's upcoming Sakra Cogen Plant is expected to contribute to earnings growth. PHOTO: KEPPEL S$14.4 billion divestment portfolio Separately, Keppel has identified a portfolio of non-core assets with a carrying value of S$14.4 billion to be 'substantially monetised' by 2030. The divestment portfolio comprises legacy offshore and marine assets, residential landbank, selected property developments and investment properties, and S$2.9 billion of embedded cash and receivables. It also includes hospitality and logistics assets and other non-core investments. The portfolio recorded a net loss of S$53.3 million in H1, deeper than the year ago S$40.5 million loss. Excluding the impact of this portfolio, Keppel's net profit would have risen 25 per cent to S$431 million. There is significant value to be unlocked from releasing the part of the balance sheet that is not required by the 'New Keppel', said the company's chief executive Loh Chin Hua. Chief executive Loh Chin Hua (centre) explaining the 'New Keppel' strategy at the earnings briefing on Thursday. PHOTO: KEPPEL 'As we accelerate the growth of 'New Keppel', we expect that the market will re-rate our stock price and accord us a growth multiple,' he said at an earnings briefing on Thursday (Jul 31). 'In addition, the net asset value of the non-core portfolio, which we will monetise over time, should also carry further value.' Keppel has divested S$915 million of assets in the year to date, raising the cumulative total to S$7.8 billion since such efforts began in October 2020. Loh noted that the non-core assets are no longer aligned with Keppel's asset-light, recurring income-focused strategy, even though many are profitable. The assets include residential landbanks carried at historical costs. 'Monetising the substantial non-core portfolio, whose carrying value is larger than our gross debt, will give us ample opportunity over time to reduce debt, fund growth for the 'New Keppel' and return capital to shareholders,' said Loh. With the asset-light strategy, return on equity is expected to be 'significantly above' 15 per cent, he added. Asked which peers 'New Keppel' could be compared to, Loh cited global asset management firms Brookfield, KKR, BlackRock and Blackstone – albeit noting that Keppel is unique in having both asset management and operations. M1 under pressure Asked about plans for M1, Loh said that Keppel is open to divestment, but looking more at potential monetisation of the consumer mobile side of the business. The market is under 'severe competitive pressure' with four operators and about seven mobile virtual network operators, noted Manjot Singh Mann, chief executive of Keppel's connectivity segment. 'It's an overcrowded market, and we are seeing a lot of SIM-only plans replacing contract plans, and that is why there is a bit of an ARPU dilution as well,' he said, referring to average revenue per user. That said, M1 is still 'fighting hard' on the consumer business, while also growing on the enterprise front, said Mann. He sees cloud solutions having a 'huge amount of synergy' with Keppel's data centres. Asean power grid, green projects Growth is also expected in the infrastructure business in the next few years, with one gigawatt of new power capacity coming onstream. This is from the 600 megawatt (MW) Keppel Sakra Cogen Plant in H1 2026 and another potential 300 to 500 MW of renewable energy imports from 2028. Opportunities in the development of the Asean power grid are 'very promising' and Keppel is a 'frontrunner', said Cindy Lim, chief executive of the infrastructure business. Keppel's floating data centre in Singapore is awaiting final approval from the authorities. PHOTO: KEPPEL 'There's a lot of synergy for us to bring low-carbon and renewable power to capture the connectivity space, specifically the high demand for AI data centres,' she added. Separately, the real estate division will focus on sustainable urban renewal solutions across five projects with a combined asset value of S$1.8 billion, to focus on both sustainability and investment returns. In the data sector division, Keppel is awaiting final approval from the authorities for its 25 MW floating data centre in Singapore, with construction expected to start in Q4 and finish by end-2028. The Bifrost Cable System – which is set to connect South-east Asia to North America – has completed marine cable laying operations and is expected to be ready for service by end-September. Looking ahead, Keppel is in the process of negotiating over S$500 million worth of real estate and connectivity asset monetisation transactions, which it hopes to finalise before the year-end, said Loh. Keppel's funds under management (FUM) stood at S$91 billion as at end-June, while asset management fees amounted to S$195 million. The company is confident of achieving its S$100 billion FUM target by end-2026. Its private funds – such as those for data centres, education assets and sustainable urban renewal – have raised a combined FUM of S$4.7 billion year to date. Keppel shares traded at S$8.61 as at 12.35 pm on Thursday, up S$0.43 or 5.3 per cent.
Business Times
a day ago
- Business
- Business Times
Keppel H1 profit rises 24.2% to S$377.7 million; seeks to monetise S$14.4 billion non-core assets
[SINGAPORE] Asset manager Keppel saw net profit rise 24.2 per cent on the year to S$377.7 million for the first half ended Jun 30, driven by growth in its real estate segment. The profit growth came even as Keppel's top line fell 5.2 per cent to S$3.1 billion. Revenue from the infrastructure segment was down by 12 per cent to S$2 billion, with lower net generation in the integrated power business. However, revenue from the real estate segment rose by S$29 million – to S$95 million – on the back of contributions from an India office project acquired last year, as well as a senior living operator in the US that was consolidated in March. Telco M1 also recorded higher enterprise revenue, with contributions from the newly acquired ADG in Vietnam, as well as higher handset and equipment sales, even as mobile revenue fell. Keppel announced an interim dividend of S$0.15 per share – unchanged from the year-ago period, as well as a S$500 million share buyback programme. The repurchased shares will be used in part for the annual vesting of employee share plans, and as possible currency for future merger and acquisition activities. In its earnings statement, Keppel announced that it has identified a S$14.4 billion portfolio of non-core assets for divestment. Excluding the impact of this portfolio, its net profit would have risen 25 per cent to S$431 million. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The divestment portfolio comprises legacy offshore and marine assets, residential landbank, selected property developments and investment properties, and S$2.9 billion of embedded cash and receivables. It also includes hospitality and logistics assets and other non-core investments. There is 'significant value' to be unlocked from releasing the part of the balance sheet that is not required by the 'New Keppel', said the company's chief executive Loh Chin Hua in an earnings statement. The company also announced the divestment of S$915 million of assets in the year to date, raising the cumulative total to S$7.8 billion since the programme began in October 2020. The non-core assets are no longer aligned with Keppel's asset-light, recurring income-focused strategy, even though many are profitable, such as residential landbanks carried at historical costs. Keppel's funds under management (FUM) stood at S$91 billion as at end-June, while asset management fees amounted to S$195 million. Keppel's private funds – such as those for data centres, education assets and sustainable urban renewal – have raised a combined FUM of S$4.7 billion year to date. Keppel shares ended Wednesday at S$8.18, up S$0.02 or 0.3 per cent.
Time of India
a day ago
- Time of India
Rape & murder: Accused gets life term in 44 days
Lucknow: As part of 'Operation Conviction', the Firozabad police successfully secured a life sentence for the main accused, Kaushal, and significant penalties for three accomplices within just 44 days of the rape and murder of an eight-year-old minor girl. The investigation and effective prosecution were conducted under the guidance of SSP Saurabh Dixit and ASP Ravi Shankar. The case involved the abduction, rape, and murder of an eight-year-old girl in Narkhi, Firozabad, on June 17, 2025. The police registered the case under multiple sections, including the POCSO Act. The main accused, Kaushal, was sentenced to life imprisonment until his last breath and fined Rs 1,40,000. The three accomplices Manish, Arjun and Radha received seven-year sentences and fines of Rs 20,000 each. DIG Agra Range, Shailesh Pandey, said that the police cracked the case within 24 hours of the girl's disappearance. "The investigation revealed that the accused raped and strangled the minor, hiding her body in a wall with the help of his family. Prompt action led to the arrest of all four accused within a day, with the main accused apprehended in an encounter, recovering illegal arms and the victim's chain. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Gentle, Needle-Free Way to Monitor Blood Sugar—Now Being Tried by Seniors Zakdavi Undo A comprehensive 135-page charge sheet, backed by scientific evidence, was submitted in just seven days," said Pandey. The forensic DNA report, crucial in linking the accused to the crime, was obtained in 10 days. The court took cognisance of the charge sheet on July 2, 2025, and completed the trial in 25 working days. The dedicated efforts of the police, prosecution, and court officials ensured swift justice, setting a precedent for future cases. The Firozabad police remain committed to decisive action against crime, ensuring justice for victims, said ADG, Agra Zone, Anupam Kulshershta.
Time of India
2 days ago
- Politics
- Time of India
Bihar Police launches ‘Operation Naya Savera' to curb human trafficking, child labour
Patna: Bihar police headquarters (PHQ) on Wednesday organised a day-long workshop to mark the World Day against Trafficking in Persons, and announced the launch of 'Operation Naya Savera' on the occasion. The event was organised by the weaker sections division of the Bihar Police. Naya Savera is a fortnight campaign that aims to rescue and rehabilitate victims of human trafficking , child labour , flesh trade and orchestra groups. It will run from July 31 to August 14. The two best-performing districts will also receive awards from the PHQ. Vinay Kumar, director general of police (DGP), speaking as the chief guest, commended the efforts of the weaker sections division in preventing human trafficking and flesh trade in the state. "All stakeholders including the various NGOs, police, labour department, social welfare department must work together on a unified platform to eradicate these crimes," said the DGP. Amit Kumar Jain, additional director general (ADG), weaker sections, said, "From Jan to May 2025, Bihar registered 231 cases related to human trafficking. The police rescued 118 minor girls and 506 boys, besides arrested 144 traffickers in this period. The division has also issued two standard operating procedures (SOPs) to guide the police in such cases." The workshop held from 10am to 6pm on Wednesday, provided training to nodal police officers from all districts, including deputy superintendents of police, in-charge of anti-human trafficking units, and women's police station chiefs, on the roles of various stakeholders and aspects of prevention. A discussion on the Transgender Act-2019 was presided over by social activist, Reshma and DSP of the transgender cell, Salma Khatoon. They spoke about the challenges and responsibilities related to the act and also mentioned about constituting transgender help desks in 855 police stations in the state. During the event, the chief guest honoured four people for their work in human trafficking cases. Saran SP was one of them as he rescued 194 minor girls from May 2024 to July 2025. SP Rohtas was also recognised for rescuing 47 girls in an operation and arresting five traffickers. SP (Rail), Patna, was felicitated for rescuing a kidnapped child and City SP (west) not only rescued minor girls, but also busted a trafficking gang, and arrested six traffickers. Three human trafficking survivors, one from Samastipur and two from Gaya, were also facilitated. "The victims at the time of rescue were minors, one was trafficked for forced labour and two were put into flesh trade," added the ADG.
New Indian Express
2 days ago
- New Indian Express
Over 6.4 lakh convicted under Bihar's liquor ban law since 2016; nine awarded death sentence
PATNA: Over 6.40 lakh people have been convicted under the Bihar Prohibition and Excise Act, 2016, since its enforcement, with courts awarding death sentences to nine offenders, life imprisonment to 18, and jail terms exceeding 10 years to 222 others. Additional Director General (ADG), Prohibition, Amit Kumar Jain revealed to the media on Tuesday that a total of 6,40,379 individuals have been convicted by respective courts for violating the prohibition law in the state ever since it came into force on April 1, 2016. ADG said that a whopping 6,38,574 individuals have been held guilty under section 37 (for consuming liquor or creating nuisance at a public place under the influence of liquor), and the remaining 1,805 have been convicted under section 30 (manufacture, sale, storage and transportation) of the Bihar Prohibition and Excise Act 2016. Among the 1,805 held guilty under section 30, 18 individuals have been sentenced to undergo life imprisonment, 222 to more than 10 years, 935 between two years and 10 years, while 621 individuals have been awarded sentence for less than two years, ADG said. A total of 10,85,951 cases have been registered under the new Prohibition and Excise Act between April 1, 2016 and July 3, 2025 across the state. Of them, 4,16,081 cases have been registered by state Excise department and 5,59,870 cases by state police.
