Keppel Limited (KPELY.PK,KPELF.PK), a Singapore-based asset manager and infrastructure company, on Thursday said its overall net profit for the first quarter 2026 was lower year on year, mainly due to fair value losses and lower gains from non-core asset monetization, after non-core portfolio for divestment and discontinued operations.
In its first quarter business update, the company said, its net profit for the New Keppel, before the non-core portfolio for divestment and discontinued operations, was slightly lower compared to last year.
Recurring income improved slightly year on year, supported by higher income from operations and stable asset management net profit.
In the first quarter, Keppel generated S$108 million in asset management fees, 13 percent higher than the last year's S$96 million. The firm added new Funds under Management of about S$400 million in the quarter.
The company revealed that it completed about S$1.3 billion in acquisitions and another S$1.4 billion in divestments during the quarter.
Separately, Keppel said it sold its entire 5% stake in Seatrium as at 1 April 2026, realizing a total value of S$430 million in cash.
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