Keppel Infrastructure Trust back in black with S$60 million H1 net profit

[SINGAPORE] Keppel Infrastructure Trust (KIT) swung back into the black with a net profit of around S$60 million for its first half ended Jun 30, compared with a net loss of S$23.9 million in the prior corresponding period, the manager said on Tuesday (Jul 29).

Revenue rose 11.5 per cent to S$1.1 billion from S$1 billion in the year-ago period.

The increase was mainly attributable to contributions from transport service provider and bus operator Ventura, which was acquired in June 2024, alongside higher revenue from City Energy and the Senoko waste-to-energy plant, the manager said.

However, it was partially offset by lower landfill revenue and waste volume from One Eco Group and lower distribution income from Aramco Gas Pipelines Company.

Its three segments of energy transition, environmental services, as well as distribution and storage, posted revenue growth on the year.

Distributable income climbed 31.2 per cent to S$119.4 million, from S$91 million in H1 2024, driven by City Energy, IXOM, new acquisitions and KIT’s divestment of its 50 per cent stake in Philippine Costal Storage and Pipeline Corporation which was completed on Mar 20, 2025.

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Distribution per unit rose 1 per cent year on year to S$0.0197 from S$0.0195. The distribution will be paid on Aug 13, after the record date of Aug 6.

KIT’s assets under management was around S$8.7 billion as at Jun 30, 2025. By segment, 62 per cent of its portfolio comprised businesses and assets in energy and transition, with 28 per cent in the distribution and storage, and 10 per cent in the environmental services.

In H1 2025, the trustee-manager said that it made strategic divestments to pave the way for more accretive acquisitions that would enable KIT to create value and strengthen its cash flow resilience.

The trust announced the proposed acquisition of subsea cable service provider Global Marine Group in April, as well as the partial divestment of Ventura for A$130 million (S$109.1 million) in June.

On Feb 28, the business trust also completed the fifth and final phase of its acquisition of the solar portfolio of German greentech company Enpal, which it committed to acquiring in 2023.

Units of Keppel Infrastructure Trust were trading 2.3 per cent or S$0.01 lower at S$0.435 as at 9.30 am on Tuesday.