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Keppel Corporation Keppel Corporation Limited ( Co Reg No. 196800351N ) 1 HarbourFront Avenue # 18-01 Keppel Bay Tower Singapore 098632 www.kepcorp.com Tel : ( 65 ) 62706666 Fax : ( 65 ) 64136452 Media Release Keppel records sharp earnings growth for 3Q & 9M 2021 with improvements across all business segments Singapore , 28 October 2021 Keppel Corporation Limited ( Keppel ) has today released its voluntary business update for 3Q & 9M 2021. Net profit for the first nine months of 2021 was a sharp reversal from the net loss registered a year ago , with all segments performing better year on year¹ . Even excluding revaluations , major impairments and divestments in both years² , net profit for 9M 2021 was also a significant improvement year - on - year . The Company's net profit for 3Q 2021 also grew strongly compared to a year ago , with all segments registering improved performance . The Group's revenue was S $ 5,510 million for 9M 2021 , which was 14 % higher than S $ 4,818 million a year ago , underpinned by higher revenue contributions across all four key segments . The Group's net gearing was lower at 0.76x as at 30 September 2021 , compared to 0.85x as at 30 June 2021 , mainly due to proceeds from asset monetisation and the issuance of perpetual securities , which were offset by the payment of 2021's interim dividend . Mr Loh Chin Hua , CEO of Keppel Corporation , said , " Keppel's business units have performed well . As a Group , we have recorded sharp improvements in earnings for 9M 2021 not only when compared to 2020 , but even to pre - COVID 2019 , excluding revaluations , impairments and divestments across periods . " We have also made bold strides forward on our Vision 2030 roadmap since it was unveiled in late - May last year , and are confident of achieving most of our targets by 2025. To date , we have announced about S $ 2.4 billion in asset monetisation , received about S $ 1.6 billion of this in cash , and are on track to exceed our S $ 5 billion target by the end of 2023. The substantial capital unlocked from our asset monetisation programme would allow us to fuel Keppel's organic and inorganic growth plans , especially in areas such as renewables and decarbonisation solutions , and also reward shareholders for their continued confidence in the Company despite the challenging macroenvironment . " Keppel also updated that discussions on the proposed combination of Keppel Offshore & Marine ( Keppel O & M ) and Sembcorp Marine , and the establishment of Asset Co were progressing steadily . On the back of rising oil price , the jackup rig market is showing signs of improvement . 1 All segments performed better in 9M 2021 , excluding a gain from the reclassification of Keppel Infrastructure Trust in 2020 . 2 In 1H 2020 , the Group had taken S $ 930 million of impairments mainly related to Keppel O & M's stranded assets , receivables , stocks and its share of impairment provisions from Floatel . 1