Keppel 9M net profit rises 5% despite accounting loss from proposed sale of M1’s telco business

[SINGAPORE] Keppel has reported a 5 per cent increase in net profit for the first nine months of FY2025, despite an accounting loss from the proposed divestment of M1’s telco business.

In a business update on Thursday (Oct 30), the global asset manager and operator said net profit for “New Keppel” – excluding the non-core portfolio for divestment and discontinued operations – would have been up 25 per cent for 9M FY2025.

This is on the back of earnings growth across all three business segments. Recurring income grew by close to 15 per cent with higher contributions from both asset management and operating income.

Keppel’s non-core portfolio for divestment comprises mainly legacy offshore and marine assets, residential landbank, selected property developments and investment properties, hospitality and logistics assets, associated cash and receivables, and other non-core investments that are not aligned with its strategic focus.

The group said the non-core portfolio for divestment achieved a net profit for 9M FY2025, reversing from a net loss in the corresponding period the year before.

The M1 telco business has been reclassified as discontinued operations.

Keppel has announced the monetisation of about S$2.4 billion in assets in the nine-month period, including the proposed divestments of M1’s telco business and Keppel’s interests in 800 Super.

This brings the group’s total asset monetisation since October 2020 to about S$14 million, including the divestment of Keppel Offshore & Marine in 2023.

Keppel said it is targeting over S$500 million more in monetisation deals in the next few months.

Shares of Keppel closed 0.5 per cent or S$0.05 higher at S$9.89 on Wednesday, before the announcement.