Investing.com-- Keppel Ltd (SGX: KPLM ) on Thursday reported a more than 25% rise in first-quarter net profit, excluding legacy offshore and marine (O&M) assets, on the back of strong recurring income and solid contributions from its infrastructure, real estate, and asset management businesses.
Including the legacy assets, net profit more than doubled year-on-year, the company said, but did not reveal the figures.
Recurring income accounted for over 80% of profit, underscoring the group’s ongoing transformation into an asset-light, recurring-income-driven company.
Asset management fees rose 9% to S$96 million in the quarter.
CEO Loh Chin Hua said Keppel was "better placed to navigate volatility" despite global macroeconomic headwinds and geopolitical uncertainties.