Keppel Corp. launches S$500 mn share buyback after strong 2021
Summary
Keppel also swung to a net profit in 2021, supported by higher revenue contributions from all its business segments
Conglomerate Keppel Corp. on Thursday unveiled a 500 million Singapore dollar (US$371.0 million) share-buyback program, to be completed over the next year or so.
“Shares repurchased will be held as treasury shares which will be used in part for the annual vesting of employee share plans, and also as possible currency for future M&A activities," the company said.
Keppel also reported strong results for 2021. It swung to a net profit, supported by higher revenue contributions from all its business segments.
Net profit for the year was S$1.02 billion, compared with a S$505.9 million loss in 2020. Revenue rose to S$8.62 billion in 2021 from S$6.57 billion the previous year.
For the second half of 2021, net profit soared to S$722.9 million from S$31.3 million.
“On account of the strong results achieved, the Board of Keppel Corporation will be proposing a final cash dividend of 21.0 [Singapore] cents per share for FY 2021, bringing the total cash dividend for FY 2021 to 33.0 [Singapore] cents per share," Keppel said.
