Taking the next leap forward in our Vision 2030 strategy, we are accelerating the Group’s transformation to be a global asset manager and operator, with strong capabilities in energy and environment, urban development and connectivity, as we create value for investors and contribute to a sustainable future.
We have simplified and refocused our business, with the divestment of Keppel Logistics1 as well as the combination of Keppel Offshore & Marine with Sembcorp Marine and resolution of our legacy rigs and associated receivables. Our business units are also transforming, expanding in areas such as renewables, clean energy, decarbonisation solutions as well as sustainable urban renewal, with a focus on growing recurring income.
We are scaling up in our focus areas, leveraging the collective strengths of the Group. In 2022, Keppel partnered the private funds and/or business trust managed by Keppel Capital on several joint investments into assets and platforms, including onshore and offshore wind energy assets in Europe, Singapore’s first hydrogen-ready power plant and a leading South Korean waste management services company. The joint investments are part of Keppel’s asset-light model, allowing us to make significant investments without increasing our gearing significantly.
Recurring Income
Of FY 2022's earnings2 or $560 million comprised recurring income, an increase of 114% from $262 million in FY 2021.
Joint Investments
Of energy & environment and sustainable urban renewal-related investments announced in 2022, undertaken by Keppel together with the private funds and/or business trust managed by Keppel Capital.
1 Includes Keppel Logistics’ businesses in Singapore, Malaysia, Vietnam and Australia, as well as UrbanFox.
2 Excludes discontinued operations.
