Quick Read
- Piyush Gupta will succeed Danny Teoh as Keppel’s chairman on April 17, 2026.
- Keppel reported a 29% increase in full-year profit from continuing operations for FY2025, reaching S$1.02 billion.
- The company proposed a final dividend of S$0.47 per share, including a special dividend of S$0.13 per share.
- Keppel’s shares rose as much as 3.3% to a record high of S$11.31 following the announcements.
- Funds under management (FUM) reached S$95 billion, on track for a S$100 billion target by end-2026.
SINGAPORE (Azat TV) – Keppel Corporation’s shares surged to a record high on Thursday, February 5, 2026, following the announcement of a leadership transition and robust financial results for the full year 2025. Piyush Gupta, currently the deputy chairman, is set to succeed Danny Teoh as the conglomerate’s chairman, effective April 17, 2026, as the company reported a significant 29% increase in full-year profit, underscoring the success of its strategic repositioning.
Leadership Transition at Keppel
Piyush Gupta will assume the role of non-executive chairman and independent director of Keppel Corporation on April 17, 2026, after the company’s annual general meeting. This transition marks the retirement of Danny Teoh, who will step down after more than 15 years on the board and five years as chairman. The announcement, made by Keppel on February 5, 2026, highlighted Gupta’s extensive experience, including his tenure as chief executive of DBS Group from November 2009 to March 2025, during which he oversaw its growth into a prominent global financial institution. Gupta has served as Keppel’s deputy chairman since July 2025 and has held various other board roles, including on the nominating, remuneration, and board sustainability and safety committees.
Danny Teoh, 70, is credited with steering Keppel through major structural changes, notably the divestment of its offshore and marine business. Under his five-year chairmanship, Keppel’s share price more than tripled, according to The Online Citizen. Gupta paid tribute to Teoh’s ‘invaluable’ leadership, expressing his eagerness to continue Keppel’s transformation into a global asset manager with strong operating capabilities. Keppel CEO Loh Chin Hua also lauded Gupta’s strategic insights, which have been instrumental in the company’s repositioning efforts since he joined the board.
Strong Financial Performance in FY2025
Alongside the leadership announcement, Keppel unveiled its full-year financial results for 2025, revealing a substantial increase in profitability. Profit from continuing operations for the year ended December 31, 2025, reached S$1.02 billion (US$801 million), marking a 29% rise from S$787 million in 2024. Excluding non-core portfolio and discontinued operations, net profit surged approximately 39% to S$1.1 billion from S$793 million in FY2024, as reported by Business Times.
This robust performance was attributed to higher profits across all three of Keppel’s core business segments: infrastructure, real estate, and connectivity. The infrastructure division was the largest contributor, with net earnings climbing 18% to S$803 million, driven by resilient integrated power operations and expanding sustainability services. The connectivity segment, encompassing data center operations, saw a 17% increase in annual profit, capitalizing on the growing demand for artificial intelligence and digital infrastructure. Keppel CEO Loh Chin Hua emphasized the company’s success in leveraging digitalization and AI momentum, particularly through new power generation capacity and its expanding data center presence in the Asia-Pacific region.
Despite the overall profit jump, Keppel’s earnings per share (EPS) fell short of analyst forecasts, dropping to S$0.225 from S$0.349 in the prior year, missing a Visible Alpha estimate of S$0.25. Revenue also increased by 3.4% to nearly S$6 billion for the full year, with second-half revenue rising 12% to S$3.31 billion, but still below the S$3.67 billion estimate, according to Finimize. The company’s funds under management (FUM) also grew to S$95 billion by the end of 2025, up from S$88 billion the previous year, keeping it on track for its S$100 billion target by the close of 2026.
Dividends and Asset Monetization Strategy
In light of its strong financial performance and progress in asset monetization, Keppel proposed a final dividend of S$0.47 per share for FY2025. This comprises an ordinary cash dividend of S$0.34 per share (including a proposed final cash dividend of S$0.19 and an interim cash dividend of S$0.15 paid in August 2025) and a special dividend of S$0.13 per share. The special dividend includes S$0.02 per share in cash and one Keppel Reit unit for every nine Keppel shares held, equivalent to about S$0.11 per share based on Keppel Reit’s closing price on February 3, 2026. The total cash dividend translates to a yield of 4.3% based on Keppel’s closing price on February 4, 2026.
Keppel announced plans to pay the final ordinary cash dividend on May 8, 2026. The company reiterated its commitment to paying out special dividends based on 10% to 15% of the gross value of asset monetization transactions completed in the financial year, a strategy that will continue until its monetization program is finalized. In 2025, transactions amounting to approximately S$1.6 billion in gross monetization value were completed, supporting the special dividend proposal. Keppel remains focused on optimizing the speed of divestment and exit value of assets in its non-core portfolio, which had a carrying value of S$13.5 billion at the end of 2025.
Market Reaction and Future Outlook
Following these announcements, Keppel’s shares reacted positively, rising as much as 3.3% to a record high of S$11.31 in early trading on February 5, 2026, despite the broader market benchmark seeing a 0.2% decline. This upward movement suggests investor confidence in Keppel’s strategic direction and its ability to generate significant profit growth, even when certain metrics like EPS and revenue miss analyst consensus. The market’s focus appears to be on the overall profit surge and the strategic value of the leadership transition and asset monetization efforts.
Upon Danny Teoh’s departure, Keppel’s board will consist of eight directors, with seven being independent, ensuring strong independent oversight in line with corporate governance standards. The company’s ongoing transformation into a global player in sustainability-focused asset management and operations, coupled with its strong FY2025 results and a clear leadership succession plan, signals continued momentum in its strategic objectives.
Keppel’s share price surge, despite missing some analyst forecasts for EPS and revenue, highlights the market’s current prioritization of strategic corporate transformation, strong overall profit growth, and clear leadership succession over short-term financial estimate discrepancies.