Earnings from continuing operations in FY2024 fell by 6% y-o-y to $832 million, while Keppel’s legacy O&M assets and discontinued operations posted a net loss of $124 million compared to the $3.1 billion net profit in FY2023. The net loss was due to fair value losses from Keppel’s Seatrium shares compared to a gain in FY2023, higher financing costs and amortisation.
If FY2023 was described as “one of the most transformational years” for Keppel, then the recent FY2024 has been a “pivotal year,” says CEO Loh Chin Hua. This marks the first full financial year following the company’s restructuring from a diverse conglomerate with various sector units into a global asset manager and operator. The company has renewed its focus on infrastructure, real estate and connectivity while “hunting as a pack.”
Under its new business model, the company reported a net profit of $1.06 billion from continuing operations for its FY2024 ended Dec 31, 2024, up 5% y-o-y with contributions all-around. However, total profit attributable to shareholders fell by 76.9% y-o-y to $940.2 million, after FY2023 numbers were distorted by one-off gains from the divestment of its offshore and marine (O&M) arm. The figure also includes the effects of its legacy O&M assets.
