Keppel Reports 1Q22 revenue rose 9 percent

Keppel Corp. reported Thursday its first quarter revenue rose around 9 percent on-year to S$2.07 billion, mainly on higher contributions from the energy and environment segment. 

“Keppel delivered strong performance in the first quarter of 2022, amidst the challenging global environment, which has been exacerbated by the war in Ukraine. Apart from Urban Development, all business segments delivered higher profits,” Loh Chin Hua, CEO of Keppel Corp., said in the statement.

In the energy and environment segment, Keppel Infrastructure posted first quarter revenue of S$994 million, up 57 percent on-year on higher power and gas sales, and higher revenue recognition from the Hong Kong Integrated Waste Management Facility. 

In addition, Keppel Offshore and Marine posted first quarter revenue of S$503 million, up 22 percent on-year due to higher levels of activity in executing the order book. Keppel O&M has significantly reduced its net loss and was earnings before interest, tax, depreciation and amortization (ebitda) positive, the filing said.

“At the business unit level, Keppel Infrastructure’s net profit grew significantly year-on-year, while M1, Keppel Data Centres and Keppel Capital registered improved performance during the quarter,” Keppel Corp. said.

In the urban development segment, Keppel Land’s net profit for the quarter was down on-year, mainly on lower contributions from China property trading projects and the absence of year-earlier gains from en bloc sales, the filing said.

Read more details on Keppel Corp.’s first quarter update.