Keppel

Record-breaking Achievements and Corruption Scandals: A Recap of Keppel's Recent News

Delve into the latest news surrounding Keppel Corporation, including record profits and corruption scandals.

Keppel Corporation, a renowned Singaporean company, recently made headlines for a mix of remarkable achievements and corruption scandals. In a notable case, an ex-Keppel FELS worker was found to have corruptly referred shipyard jobs to vendors. Amidst this, Rajavikraman Jayapandian, one of the individuals involved, faced legal repercussions as his co-accused, Goh Ngak Eng, saw his sentence more than doubled by the High Court.

On the financial front, Keppel H2 experienced a 2.5% profit increase, culminating in record full-year profits totaling S$4.1 billion. The company attributed this success to its operations and maintenance sector. Additionally, Keppel identified infrastructure as a top performer in its FY23 results, aiming to raise more funds and grow its assets under management in 2024.

Further highlighting its financial prowess, Keppel's net profit surged to an unprecedented high of $4.1 billion in FY23. As a result, the company announced a final cash dividend of $0.19 per share, leading to a total cash dividend of $0.34 per share for the financial year.

Among significant developments, Keppel Corporation saw its annual profit quadruple due to the sale of its marine unit, resulting in a substantial gain of S$3.3 billion. The company, originating from a shipbuilding yard, has been a key player in Singapore's corporate landscape for over five decades.

In a related event, Keppel Corporation's Q4 2023 earnings call provided insights into its financial performance. The company's remarkable achievement of a record net profit of S$4.1 billion for the year 2023 underscores its enduring success in the market.

Interesting Facts: Rajavikraman Jayapandian, an Indian-origin shipyard worker, faced legal charges related to corruption, reflecting the diverse workforce in the Singaporean corporate scene. Keppel Corporation's roots trace back 56 years, showcasing its longstanding presence in the industry.