(Reuters) -Singapore-based conglomerate Keppel reported a 25% rise in net profit for the first nine months of 2025 on Thursday, aided by strong earnings growth across all its three business segments and higher recurring income.
The overall profit of the global asset manager and infrastructure and services provider gained more than 5% in the reported period.
The net profit figure excludes mainly legacy offshore and marine assets, which are not aligned with the company’s asset-light focus. It also does not include contributions from the recently divested M1 telco business.
The company reported a near 15% rise in recurring income for the nine months ending September, reflecting higher contributions from both the asset management segment and strong operating income.
It achieved stronger performance in its infrastructure segment and is targeting further earnings before interest, taxes, depreciation, and amortization growth during the year.
The growth will be driven by strong earnings from the integrated power business and growing contributions from decarbonization and sustainability solutions, Keppel added.
Its connectivity segment, which houses its data center business, made good progress. The data centre operations have seen inflows of investments from governments and corporations worldwide amid the artificial intelligence race.
Its real estate business, which operates in key markets of China, Singapore, and Vietnam, contributed to earnings and had about S$830 million ($641.32 million) of assets monetised during the reported period.
($1 = 1.2942 Singapore dollars)
(Reporting by Rishav Chatterjee and Nichiket Sunil in Bengaluru; Editing by Sherry Jacob-Phillips and Rashmi Aich)
