CDL posts 51.2% rise in H2 profit; shares fall on drop in full-year earnings
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Artist’s impression of CDL's Copen Grand, an executive condominium in Tengah town. For the full year, CDL's net profit was down 75.3 per cent to $317.3 million.
PHOTO: CITY DEVELOPMENTS LIMITED
Mia Pei
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SINGAPORE – City Developments (CDL) posted a 51.2 per cent rise in net profit to $250.8 million for its second half-year ended December, from $165.8 million in the previous corresponding period.
This was led by a 22.9 per cent higher revenue at $2.2 billion, on top of lower administrative and other operating expenses, despite higher finance costs, based on its regulatory filing on Feb 28.
Earnings per share stood at 27 cents for the half year, up from 17.6 cents in the previous year.
A final dividend of eight cents per share was proposed for the half year, bringing the total dividend to 12 cents, which represents a dividend payout ratio of 36 per cent. Once approved by shareholders at the annual general meeting on April 24, the dividend will be paid on May 21.
For the full year, net profit was down 75.3 per cent to $317.3 million. The lower profit was due to an absence of substantial divestment gains recorded in financial year 2022 and higher financing costs in 2023.
Revenue for the year rose 50 per cent to $4.9 billion, driven by strong performance from the company’s property development segment.
CDL also highlighted its strong liquidity position, with cash reserves of $2.2 billion.
CDL shares closed 18 cents, or 3 per cent, lower at $5.78 on Feb 28.
