Keppel Earnings: Benefitting from the Rapid Adoption of Digitalization and Artificial Intelligence

Keppel’s 2024 net profit of SGD 940 million was largely in line with our expectation. While its infrastructure and real estate segments registered slight declines in earnings of 4% and 3% year on year respectively, this was more than offset by the 45% growth in net profit for its connectivity segment. The strong growth in its connectivity segment was driven by higher asset management fees and fair value gains from investments in its listed REIT and data center assets.