In his opening remarks at the group's results call, Keppel's CEO Loh Chin Hua notes that earnings improved "meaningfully" due to "stronger recurring income" and "disciplined execution" across Keppel's platforms and divisions.
The focus was firmly on the "new Keppel" at its results announcement for the 1QFY2025 ended March 31, released on April 24, which highlighted its new business model that is "meeting demand for alternative real assets" that are "anchored to resilient macrotrends".
Under its new model as a global asset manager and operator with an asset-light strategy, Keppel enjoyed a strong start to the year with 1QFY2025 earnings up 25% y-o-y thanks to steady infrastructure earnings, better real estate contributions and a stronger performance from its asset management arm. Recurring income comprised over 80% of its bottom line while asset management fees grew by 9% y-o-y to $96 million in the quarter.
