Keppel Limited (KPELY.PK,KPELF.PK), a Singaporean asset manager and infrastructure company, reported that its net profit, excluding legacy O&M assets, for the first-quarter 2025 increased by more than 25%, driven by strong and steady performance in the Infrastructure segment, higher contributions from the Real Estate segment, and stronger performance in Asset Management, which included a full quarter of contributions from Aermont Capital.
Recurring income, comprising profits from asset management and operations, made up more than 80% of Keppel's the first-quarter of 2025 net profit, excluding the legacy O&M assets.
Including the legacy O&M assets, net profit for the first quarter of 2025 more than doubled year-over-year, due mainly to lower losses from the legacy assets.
In the first three months of 2025, Keppel generated $96 million in asset management fees, 9% higher year-over-year.
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