Keppel Infrastructure Trust second-half DPU jumps 123% on special distributions
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Excluding the special distributions, Keppel Infrastructure Trust's second-half DPU rose 1 per cent.
PHOTO: ST FILE
Mia Pei
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SINGAPORE - Keppel Infrastructure Trust (KIT) posted a 123 per cent higher distribution per unit (DPU) at 4.26 cents for the half-year period ended December, compared with 1.91 cents in the year-ago period.
This included 2.33 cents of special distributions paid out in November, on the back of the crystalisation of $131.2 million in capital optimisation at its Australian chemical firm Ixom, said the trust manager on Jan 31.
Excluding the special distributions, DPU for the period would stand at 1.93 cents, 1 per cent higher than the half-year DPU in financial year 2022.
Gross revenue was down 8.2 per cent to $972.3 million, from $1.1 billion a year ago. This was attributed to lower revenue from Ixom and waste-to-energy concession plants.
“The decrease in revenue from Ixom was due to lower contract manufacturing volumes, slowdown in consumer discretionary spending and weaker Australian dollars’ exchange rates used to translate Ixom’s Australian-dollar denominated revenue.
“The lower revenue from waste-to-energy concession plants was due to lower finance lease income in the second half of 2023,” said the manager.
Distributable income for the half year grew 36.3 per cent to $183.9 million.
The distribution of 0.96 cents will be paid on Feb 15 after the record date on Feb 7.
For the full financial year, DPU stood at 6.19 cents including the special distributions.
This is 62 per cent higher than in financial year 2022. Excluding the special distributions, the full-year DPU would be 1 per cent higher.
Distributable income for the year rose 42.4 per cent to $316.8 million.
The group revenue grew 1.5 per cent to $2 billion, largely driven by higher contributions from City Energy and distribution income from Aramco Gas Pipelines Company.
This was on top of the contribution of revenue from EMK, an integrated waste platform in South Korea acquired in October 2022, said the manager.
KIT units closed flat at 50.5 cents on Jan 31. THE BUSINESS TIMES
Editor’s note: An earlier version of this story stated that a distribution of 9.6 cents would be paid on Feb 15. The correct value should be 0.96 cents.
