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Industrial Services

Keppel Corp. Ltd.

Company Background

Keppel Corp.'s main pillars are energy-related infrastructure building and real estate development. Wholly owned subsidiary Keppel Offshore & Marine is one of the world's major builders and repairers of offshore oil rigs. It boasts a global network of 20 yards and offices. Another subsidiary, Keppel Land, develops office and residential complexes in Singapore. It is responsible for major projects like the Marina Bay Financial Center. It has been expanding its overseas portfolio, with a focus on China as well as emerging markets like Vietnam and Indonesia.

Keppel Corp. was incorporated as Keppel Shipyard in 1968. It diversified during the 1970s and 1980s, venturing into property development and expanding overseas. Keppel in 1997 participated in establishing M1, one of the city-state's big mobile network operators. It is currently one of M1's largest minority shareholders. Temasek Holdings, a Singapore sovereign wealth fund, is the current largest minority shareholder of Keppel Corp. Loh Chin Hua, who became the company's CEO in January, has over 25 years of experience in real estate and fund management, including with Government of Singapore Investment Corp., another Singapore sovereign wealth fund, and Prudential Investment.

Business Summary

Keppel Corp. Ltd. is an investment holding and management company, which engages in the provision of offshore & marine engineering and construction services. It operates through the following segments: Offshore & Marine, Infrastructure & Others, Urban Development, Connectivity, Asset Management, and Corporate & Others. The Offshore & Marine segment include offshore production facilities and drilling rig design, construction, fabrication and repair, ship conversions and repair, and specialized shipbuilding. The Infrastructure & Others segment include power generation, renewables, environmental engineering, and infrastructure operation and maintenance. The Urban Development segment include property development and investment, as well as master development. The Connectivity segment include the provision of telecommunications services, retail sales of telecommunications equipment and accessories, development and operation of data centers, and provision of logistics solutions. The Asset Management segment include management of private funds and listed real estate investment and business trusts. The Corporate & Others segment consists of treasury operations, research & development, investment holdings and provision of management, and other support services. The company was founded in 1968 and is headquartered in Singapore.

Financial Highlights

Dec 2021 SGDUSD
Revenue8,624.71M6,417.85M
Gross Profit522.07M388.48M
Operating income-162.41M-120.85M
Income before tax868.09M645.97M
Net income1,022.65M760.97M
EBITDA243.98M181.55M
Diluted EPS0.550.41
Dividends Per Share0.330.24
Total Assets32,322.92M23,975.76M
Total liabilities20,283.08M15,045.12M
Total equity11,655.14M8,645.28M
Operating cash flow-84.72M-63.04M
Currency in SGDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 5,963.77M 5,964.78M 7,579.70M 6,574.34M 8,624.71M
Gross Profit 785.61M 655.44M 805.31M 466.06M 522.07M
Operating income 408.08M 201.45M 477.65M -579.08M -162.41M
Income before tax 150.89M 963.97M 733.32M -92.46M 868.09M
Net income 196.02M 948.39M 706.97M -505.86M 1,022.65M
EBITDA 620.46M 383.84M 852.95M -165.58M 243.98M
Diluted EPS 0.10 0.51 0.38 -0.27 0.55
Dividends Per Share 0.22 0.25 0.20 0.10 0.33
Total Assets 28,685.60M 26,645.96M 31,372.92M 32,105.87M 32,322.92M
Total liabilities 16,712.64M 15,069.27M 19,726.89M 20,949.97M 20,283.08M
Total equity 11,442.73M 11,267.76M 11,210.85M 10,728.45M 11,655.14M
Operating cash flow 1,490.70M 411.57M -172.60M 522.09M -84.72M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 4,320.07M 4,420.63M 5,556.16M 4,766.13M 6,417.85M
Gross Profit 569.09M 485.76M 590.32M 337.87M 388.48M
Operating income 295.60M 149.30M 350.13M -419.81M -120.85M
Income before tax 109.30M 714.42M 537.54M -67.03M 645.97M
Net income 141.99M 702.87M 518.23M -366.72M 760.97M
EBITDA 449.45M 284.47M 625.23M -120.04M 181.55M
Diluted EPS 0.07 0.38 0.28 -0.20 0.41
Dividends Per Share 0.15 0.18 0.14 0.07 0.24
Total Assets 21,464.82M 19,549.49M 23,331.66M 24,292.26M 23,975.76M
Total liabilities 12,505.71M 11,055.96M 14,670.65M 15,851.37M 15,045.12M
Total equity 8,562.35M 8,266.88M 8,337.37M 8,117.47M 8,645.28M
Operating cash flow 1,079.84M 305.02M -126.52M 378.49M -63.04M

Valuation Measures

Dec 2021
PER9.11
ROA3.17%
ROE9.13%
Operating margin-1.88%
Profit margin11.85%

Key executives

  • Chief Executive Officer & Executive Director: Chin Hua Loh
  • Chief Financial Officer: Hon Chew Chan
  • General Manager-Group Information Technology: Jason Chin
  • General Manager-Risk Compliance: Chee Keong Chang
  • Director-Group Mergers & Acquisitions: Hsien Yang Chua

Shareholders

  • Temasek Holdings Pte Ltd. (Investment Company) (20.8%)
  • Keppel Corp. Ltd. (2.7%)
  • The Vanguard Group, Inc. (1.9%)
  • BlackRock Fund Advisors (1.7%)
  • Norges Bank Investment Management (1.2%)
  • Dimensional Fund Advisors LP (0.6%)
  • Nikko Asset Management Asia Ltd. (0.5%)
  • BlackRock Investment Management (UK) Ltd. (0.4%)
  • Geode Capital Management LLC (0.4%)
  • BlackRock Advisors (UK) Ltd. (0.4%)

Contact Details

  • Website:http://www.kepcorp.com
  • Address: No. 18-01, Keppel Bay Tower, 1 HarbourFront Avenue, Singapore, 098632, Singapore
  • Phone: +65.6270.6666

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Competitors

  • CNIM Group SA
  • Babcock & Wilcox Enterprises Inc
Last Updated on 28 Jun, 2022

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