Keppel Q1 Profit Dips as Real Estate Segment Weakens; Iran War Impact Limited So Far

Gate News message, April 23 — Keppel reported a slight decline in first-quarter net profit on April 23, with lower contributions from its real estate division offset partially by stronger results from infrastructure and connectivity segments. The company flagged limited direct exposure to the Middle East conflict, with no notable impact so far.

Keppel's integrated power business remains resilient, supported by diversified gas supply sourced primarily through piped natural gas from Malaysia and international LNG cargoes. However, CEO Loh Chin Hua warned that prolonged disruption to gas supply and energy crunch could impact fundraising, asset monetization, and the macroeconomic environment. "We are monitoring the situation closely and will calibrate our response accordingly," Loh said.

Asset management fees rose 13% year-on-year to $108 million in the January-March quarter. Keppel has monetized $385 million in non-core assets so far in 2026, advancing toward its $2 billion-$3 billion target for the full year.