Singaporean conglomerate Keppel Corp Ltd on Thursday posted a higher net profit for the first quarter, boosted by a significant one-off gain recognized from the sale of its offshore & marine unit.
In February, Sembcorp Marine completed a S$4.50 billion ($3.37 billion) buyout of Keppel’s offshore & marine unit after receiving the necessary shareholder approvals.
Keppel recognized a gain of S$3.3 billion and received S$500 million of cash in the first quarter following the transaction, it said.
The company did not disclose a profit figure, but said that revenue for the quarter was S$2.26 billion, up 9% from S$2.07 billion a year earlier.
“We have achieved our 3-year asset monetization target ahead of schedule, with over S$4.9 billion announced since October 2020,” Keppel said.
Keppel is expected to exceed the top end of the S$3-S$5 billion asset monetization target by year-end, and will announce a new interim goal shortly, it added.
($1 = 1.3335 Singapore dollars)