Keppel Corp Ltd Ord (KPELF) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. Welcome to the conference for Capital Limited's first half financial results for 2024. We have on the panel this morning, from your left, Mr Manjot Singh Mann, CEO Connectivity and CEO M1, Mr Louis Lim, CEO Real Estate, Ms Christina Tan, CEO Fund Management and Chief Investment Officer, Mr. Lo Chin Hua, CEO, Mr. Kevin Cheung, CFO, and Ms. Cindy Lim, CEO, Infrastructure. We will begin the session with presentations by CEO, Mr. Lo Chin Hua, and CFO, Mr. Kevin Cheung, followed by the question and answer session. Mr. Lo, please. Good morning, everyone. Keppel continued to make encouraging progress towards our Vision 2030 goals in the first six months of 2024. Reflecting our transformation to be a global asset manager and operator, our earnings from the asset management business more than doubled year-on-year to $75 million in first half 2024. while funds under management rose 55% to $85 billion since end December 2023. This was the result of both stronger performance by our private funds and listed entities, as well as the successful acquisition of Amon Capital in April 2024. Amidst the challenging macro environment, we continue to press forward with our asset monetization plans, announcing about $280 million of divestments in first half 2024. This brings us to over $5.6 billion in asset monetization announced since October 2020, not including the divestment of platforms such as capital offshore and marine. We remain focused on working towards our interim monetization target of $10-12 billion by the end of 2026. Asset monetization is a key pillar of our Vision 2030 goals, and we will look for opportunities to re-accelerate this when market conditions improve. We have also reaped substantial synergies as one integrated company mainly fr...