Keppel Enterprises swung to a net profit of more than $1 billion last year

2022-06-12 0 By

Keppel Corp swung into the black for the year to the end of last year, reporting a net profit of $1.023 billion on revenue up 31.2 per cent to $8.8624 billion.That beat market expectations.Analysts’ median forecast for Keppel’s net profit last year was 669.8 million yuan, with revenue forecast to rise 10.0 percent to 7.32 billion yuan, according to Bloomberg data.Keppel Enterprises suffered a loss of $506 million in the previous year, mainly due to impairments of $952 million.When it released its results last year, it said it would exit the offshore rig business and shift its focus to infrastructure projects. It later announced that it would achieve its 2030 vision for group transformation five years ahead of schedule, as the coronavirus pandemic accelerated its pace of offloading assets of 3 billion yuan to 5 billion yuan and shifting to new growth areas.Keppel Enterprises’ results, released after the market closed on Thursday (Jan 27), showed that the group’s energy and environment business narrowed its losses significantly to $414 million last year.The previous year, the business suffered a net loss of 1.81 billion won due to a large impairment.Net profit of urban development business increased 74 per cent to $763 million;Unicom’s net profit rebounded sharply to $64 million;Net profit from the asset management business increased a further 38 per cent to $301 million.Keppel Enterprises’ net profit for the second half of fiscal 2021 surged more than fivefold year-on-year to $722.85 million on revenue up 45.9% to $4.947.53 billion.The board recommended a final dividend of 21 cents per share to be paid on May 12 and the closing date for registration of the shares is April 29.Keppel Enterprises shares closed down 1.12 per cent at $5.29 today.