Conglomerate Keppel Corporation lifted fourth-quarter numbers thanks to a stronger performance, from the offshore and marine (O&M), property and investments divisions.

Net profit shot up 41.5 per cent to $191.4 million for the three months to Dec 31 while revenue came in 31.1 per cent up at $2.2 billion.

All divisions bar property registered higher turnover in the quarter.

Earnings per share was 10.5 cents, up from 7.5 cents for the same period a year earlier.

Net profit for the full year was $707 million, a 25.5 per cent decline from a year earlier when it benefited from $584 million gains through en bloc sales of development projects and property divestments.

But revenue was 27.1 per cent up to $7.58 billion, due to higher recognition of ongoing offshore infrastructure projects, improved sales in the power and gas segment, the consolidation of M1 and higher asset management revenue.

This was the first time KepCorp's offshore and marine division had returned to profitability since 2016.

It generated earnings of $10 million, reversing a loss of $109 million a year ago. The division continues to show signs of recovery.

The utilisation and day rates for jack-ups continue to improve, but it will take time for these to translate into new orders given the continuing oversupply in the market.

New orders for the division exceeded $2 billion last year, up 18 per cent over 2018. The increased workload led Keppel O&M to hire 2,800 additional direct employees, more than it had initially anticipated. In fact, it expects to increase its headcount by a further 1,500 in 2020.

KepCorp has proposed a final dividend of 12 cents a share to be paid on May 14 bringing the total payout to 20 cents a share.

Its shares closed five Singapore cents or 0.74 per cent lower at S$6.74 yesterday.