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27 Jan 2021
Keppel Infrastructure Trust Unaudited Results for the Second Half and Full Year ended 31 December 2020

The Directors of Keppel Infrastructure Fund Management Pte. Ltd., as Trustee-Manager of Keppel Infrastructure Trust, advise the following results of Keppel Infrastructure Trust for the second half and full year ended 31 December 2020.


Keppel Infrastructure Trust delivered a 16.9% YoY increase in Group EBITDA and a 19.6% YoY increase in free cash flow to equity for FY 2020


Results Highlights

  • Recorded FY 2020 Group EBITDA of $376.0 million1, up 16.9% year-on-year (YoY) compared to FY 2019.
  • Free cash flow to equity (FCFE)2 for the second half of 2020 (2H 2020) was $112.4 million3, bringing FCFE2 for the full year of 2020 (FY 2020) to $225.7 million3, a 18.9% and 19.6% YoY increase over the corresponding periods in 2019 respectively.
  • The resilient performance was driven by robust operations and growth across Keppel Infrastructure Trust’s (KIT) portfolio of essential businesses and assets through the COVID-19 pandemic.
  • Declared distribution per Unit (DPU) of 1.86 cents for 2H 2020, bringing total DPU for FY 2020 to 3.72 cents, which translated to an annualised distribution yield of 6.8%4.
  • Delivered total Unitholder return of 7.8%5 in FY 2020.
  • Announced the proposed acquisition of Philippine Tank Storage International (Holdings) Inc., increasing KIT’s exposure to evergreen essential businesses with long-term growth potential.


1 Excludes one-off acquisition related cost incurred for Ixom’s acquisition of Medora (S$0.8m), Ixom’s divestment of Latin America and China Life Science businesses (S$16.7m) and Basslink’s arbitration provision (S$76.2m). Group EBITDA is S$282.3m without the adjustments

2 Free cash flow to equity (FCFE) is equivalent to distributable cash flow. FCFE is net of trust expenses, distribution paid/payable to perpetual securities holders, management fees and financing costs

3 Excludes Basslink as KIT does not depend on Basslink’s cash flows for distribution

4 Based on the market closing price per Unit of $0.545 as at 31 December 2020

5 TUR takes into consideration share price performance from 31 December 2019 to 31 December 2020 and DPU declared for FY 2020

  • Media Relations
  • Ariel Tee (Ms)
  • Senior Executive
  • Group Corporate Communications
  • DID: (65) 6413 6424
  • Email:
  • Investor Relations
  • Bryan Sim (Mr)
  • Deputy Manager
  • Investor Relations
  • DID: (65) 6803 1851
  • Email:

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