Keppel Ltd - "Blurry" Vision 2030: Dividends Are Just Illusory

Higher dividends are usually taken as a signal that the company is doing well, but Keppel should be treated as an exception.

Shareholders should question whether Keppel really has the cash to pay for the ordinary and special dividends, announced together with its 2025 results.

Keppel reported a 16% lower net profit in 2025 compared to 2024, yet it celebrated the achievement of “New Keppel”, whose profit increased by 39% year on year, return on equity (ROE) was 18.7%, and net debt to EBITDA was only 2x.