Singapore’s Keppel reported more than S$900 million in revenue from its connectivity technology-solutions business for the first nine months of 2026, with earnings before interest, taxes, depreciation and amortization rising 110 percent from a year earlier.
The figures show continued demand for data center and connectivity work across Southeast Asia as the company builds an integrated digital-infrastructure platform. Keppel said in its third-quarter and nine-month business update that the technology-solutions unit secured S$615 million in new contracts across Singapore, Malaysia and Vietnam during the period.
Those awards brought its total contract pipeline to about S$1.4 billion, scheduled for delivery from the fourth quarter of 2026 through 2030. Keppel did not provide a separate breakdown of revenue or profitability by country.
Connectivity growth includes data centers and subsea cables
Keppel’s connectivity division was awarded 50 megawatts of new data center capacity under Singapore’s second call for data center capacity in August. It also secured a facilities-based operator license for the planned Kruger Subsea Cable System, which is intended to connect Singapore with the Middle East and include branches serving South Asia.
The company said its data center portfolio is focused on power-constrained markets and that its technology-solutions contracts include recurring customers. The latest update follows Keppel’s completion of commercial commitments for all five fiber pairs in the Bifrost Cable System, a trans-Pacific link between Singapore and the United States through Indonesia.
Keppel tied the connectivity business to its broader energy strategy. In October it was appointed as an aggregator for 120 megawatts of biomethane to be imported into Singapore under a 15-year sandbox program, with the fuel intended for lower-carbon electricity generation for energy-intensive sectors including data centers.
Core operations rise while non-core costs weigh on total profit
Keppel said net profit at what it calls the New Keppel, which excludes its non-core divestment portfolio and discontinued operations, increased by more than 20 percent in the first nine months. Third-quarter net profit for the same core business rose close to 15 percent.
Overall group net profit for the nine-month period fell 40 percent because of impairments, depreciation, operating expenses and holding costs associated with remaining non-core assets. Reuters also reported the distinction between the stronger core operations and the decline in total profit. Keppel said overall third-quarter net profit, including the non-core portfolio and discontinued operations, was 20 percent higher than a year earlier.
Asset management fees grew 18 percent to S$354 million for the nine months. Keppel added S$19.5 billion in new funds under management during 2026, with about half coming from infrastructure and connectivity strategies, and said it had surpassed S$100 billion in funds under management by July.
The company announced about S$3.7 billion in non-core asset monetization transactions during the year, above its S$2 billion to S$3 billion full-year target. Around S$940 million had been completed and realized by the end of September, with another roughly S$600 million targeted for completion by year-end.