Keppel Infrastructure Trust (KIT) declared a 1H24 distribution of 1.95 cents per unit, 1.1% higher than 1H23.
Summary of Keppel Infrastructure Trust's 1H24 results
Keppel Infrastructure Trust (KIT) reported its results and dividends for the first half of 2024 (1H24).
- KIT declared a 1H24 distribution of 1.95 cents per unit, 1.1% higher than 1H23.
- This translates into annualized distribution yield of 8.2%.
- DPU was in line with our expectation of 3.86 cents for the full year.
Source: Company data
The total distribution is S$110m, 20% above distributable income (DI) of S$91m. DI was 31.5% lower than 1H23 due to delayed cost-recovery at City Energy to 2H24, debt amortization and other one-off items. Excluding the one-off items, DI was S$117.8m.
Operationally, KIT reported net loss of S$23.9m, from net profit of S$39.5m in 1H23. This was due to lower revenue, higher finance costs, trustee-manager’s fees and other losses from exchange differences, asset disposal and impairment. Funds from operations fell 12.7% year-on-year to S$139m.
Revenue decline of 5.8% was dragged down by...
