Singapore-based Keppel Ltd. has reported a historic net profit of S$4.1 billion for the full year ending December 31, 2023, according to the company's release.
The record profit was primarily driven by a S$3.3 billion gain from the divestment of its offshore and marine (O&M) business. The net profit from continuing operations was S$996 million, showing a 19% increase from S$839 million in the previous year, excluding discontinued O&M operations.
All three segments of Keppel – Infrastructure, Real Estate, and Connectivity – contributed positively to the net profit. Recurring income accounted for 88% of the FY23 net profit from continuing operations, rising 54% year-on-year to S$773 million. The company's Funds Under Management grew to S$55 billion by the end of 2023, compared to S$50 billion a year earlier.
Keppel aims to achieve total shareholder returns of 61.1% for 2023, surpassing the Straits Times Index's performance.
The Board has proposed a final cash dividend of 19.0 cents per share for FY23, bringing the total cash dividend to 34.0 cents per share.