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Keppel Infrastructure Trust reports 1% y-o-y increase in 1HFY2023 DPU of 1.93 cents

Nicole Lim
Nicole Lim • 2 min read
Keppel Infrastructure Trust reports 1% y-o-y increase in 1HFY2023 DPU of 1.93 cents
This growth is supported by higher distributable income, which increased by 51.8% y-o-y to $132.9 million. Photo: Keppel
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Keppel Infrastructure Trust (KIT) has reported an increase of 1% y-o-y in distribution per unit (DPU) of 1.93 cents for the 1HFY2023, translating to a distribution yield of 7.5% based on its closing price of $0.51 as of June 30.

This growth is supported by higher distributable income, which increased by 51.8% y-o-y to $132.9 million during the six-month period, due to higher contributions from City Energy and the new acquisitions completed in FY2022.

The new acquisitions include Aramco Gas Pipelines Company, European Onshore Wind Platform, German Offshore Wind Farm, as well as the acquisition of EMK which amounted to $68.8 million or 38.5% of asset distributable income for 1HFY2023.

KIT’s group adjusted ebitda is $223.2 million.

About 77.4% of its debt is fixed and hedged, as at June 30.

KIT’s weighted average interest rate is at 3.8%, and its weighted average term to maturity is about 2.8years for its debt profile.

See also: Mapletree Logistics Trust announces DPU decline of 8.9% in 1QFY2025

It has paid down $436 million bridge facilities with net proceeds from the equity fund raise and via a longer-term debt with City Energy’s loan facility, and obtained a $130 million loan to repay the remaining $144 million bridge facilities, terming out to 2026.

Meanwhile, KIT has completed a $300 million equity fund raise through a private placement and preferential offering of approximately 633.3 million new units to partially repay bridge facilities.

It is also growing its exposure in the renewable energy sector with Fäbodliden II, an onshore wind farm in Sweden, as part of the committed pipeline assets sponsored by Olsen Renewables AS (FORAS).

Units in KIT closed flat at 5.2 cents.

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