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Singapore’s Keppel <\/span>Ltd posted a slight drop in its first-quarter net profit on Thursday (Apr 23), excluding the non-core portfolio for divestment and discontinued operations, hurt by lower contribution from its real estate division.<\/p>\n The company said better results from infrastructure and connectivity segments were offset by lower contributions from the real estate segment, which had benefited from higher valuation and divestment gains a year earlier.<\/p>\n The global asset manager and operator, founded more than half a century ago as a shipbuilding yard, said its asset management fees rose 13 per cent year-on-year to S$108 million (US$84.67 million) in the first quarter.<\/p>\n Keppel <\/span>flagged limited direct exposure to the Middle East conflict, with no notable impact so far, but said a prolonged disruption to gas supply and energy crunch and its potential impact on energy security and the macroeconomic environment could impact its fundraising and asset monetisation.<\/p>\n The company said its gas supply is diversified with most of the gas procured through piped natural gas from Malaysia and some international LNG cargoes.<\/p>\n The firm has monetised S$385 million assets so far in 2026, climbing towards its target of S$2 billion-S$3 billion of non-core asset monetisation for the year.<\/p>\n<\/div>\n