Keppel posts ‘highest in six years’ profit of SG$1.02 billion

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Keppel posts ‘highest in six years’ profit of SG$1.02 billion

Keppel Corporation, net profit, final cash dividend, share-buyback program, full-year profit
Image source: © Moth | Megapixl.com

Highlights

  • Keppel Corporation posts a net profit of SG$1.02 billion for the entire year ended 31 December 2021.
  • The conglomerate has proposed a final cash dividend of 21.0 cents per share.
  • Keppel’s announcement also includes a share-buyback program of SG$500 million.

Singaporean conglomerate Keppel Corporation is in news today. The company unveiled a share-buyback program of SG$500 on 27 January 2022.

The company has reported strong earnings growth with a net profit of SG$1.02 billion for the full year ended 31 December 2021. This growth has improved performance across all its business segments.  

This is the highest earnings achieved in the past six years since the offshore and marine downturn and marks a sharp reversal of FY 2020’s net loss of SG$506 million. 

The company has proposed a final cash dividend of 21.0 cents per share. This suggests that Keppel’s FY 2021’s total distribution would be 33.0 cents per share, more than triple the 10.0 cents per share for FY 2020. Keppel had earlier declared an interim dividend of 12.0 cents per share for 1H2021. 

The company revealed:

  • Full-year net profit crossed SG$1 billion mark for the first time since FY2015.
  • 2H 2021’s net profit grew to SG$723 million, from SG$31 million in 2H 2020.
  • Group revenue rose 31% to SG$8.63 billion in FY 2021 against SG$6.57 billion in FY 2020.
  • Free cash inflow grew to SG$1.75 billion in FY 2021 as compared to SG$72 million outflow in FY 2020.

The company has collected SG$2.7 billion in cash and intends to monetise SG$2.9 billion in assets from 4Q 2020 to end-2021.  

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