Keppel 1Q 2024 Business Update April

Keppel reported higher net profit excluding legacy offshore & marine asset effects in 1Q 2024, driven by stronger Infrastructure and Connectivity performance. Asset management fees grew 52% year-over-year, while the company maintained net gearing at 0.90x with competitive cost of funds at 3.81%. Recent regulatory clearance was received for the strategic acquisition of a 50% stake in Aermont Capital.