The AI boom helped Singapore-based asset manager and operator Keppel post rising 2024 profits, as companies flocked to build more data centers to power AI services.
Keppel reported a 2024 net profit from continuing operations of 1.06 billion Singapore dollars ($783.7 million), up 5% from the year before. Profits at the firm’s connectivity arm, which handles its data centers, surged 45% to reach 184 million Singapore dollars ($136 million), making up 17% of Keppel’s annual profit.
