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News analysis Keppel buoyant as asset management, data centre roll-out continue to pay off
The Straits Times
|October 30, 2024
Analysts upbeat as third-quarter update shows strong growth in both segments
Keppel's latest third-quarter business update briefing, which was held last week, showed that the company continues to grow strongly, with the key highlight being a 68 per cent year-on-year jump in asset management fees.
The company also disclosed strong growth in its data centre business and unveiled further improvement in its monetisation efforts.
Among the key points highlighted by Keppel chief executive officer Loh Chin Hua during his analysts briefing on Oct 24 was a 68 per cent year-on-year jump in asset management fees to $299 million during the nine months to end-September 2024, surpassing full-year 2023 figures.
Mr Loh also disclosed that Keppel's funds under management had more than doubled since 2021 to $85 billion as at end-June, with some $25 billion in dry powder to be deployed. Meanwhile, asset monetisation improved quarter on quarter to $453 million during the July to September period, bringing year-to-date assets monetised to $733 million.
This story is from the October 30, 2024 edition of The Straits Times.
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