CDL hits earnings with $129.7m H2 profits

It also achieved an all-time high record of 2,185 units sold for the year.

City Developments Limited continued its financial recovery as the group reported an increase in its profit after taxation and minority interests (PATMI) to $97.7b for the financial year (FY) 2021.

This is a jump, especially when compared to the previous financial year's loss of $1.92b. 

It recorded a $2.6b revenue, 24.5% up from the previous $2.11b revenue.

Contributions from its hotel segment across all regions were responsible for this performance. In the same period, the property development segment also saw the largest contribution at 48%, due to Singapore-based projects such as Whistler Grand, Amber Park, and The Tapestry. 

Also reported by the group were increases in its profit before tax and PATMI, reaching $218m and $129.7m, respectively. Previously, the two metrics saw losses of $1.80b and $1.92b, respectively. 

Cash reserves of $2.2b were also reported by the group, as well as a strong liquidity position composed of cash and available undrawn committed bank facilities totalling $3.9b.

A final ordinary dividend of 8 cents per share was recommended by the Board, as well as a special final dividend of 1 cent per share. Additionally, the board is also looking to reward shareholders with a proposed distribution of 144,300,000 stapled CDL Hospitality Trusts Units on a pro-rata basis at an estimated value of 19.1 cents per share. Combined with the special interim dividend of 3 cents per share announced in mid-2021, the total distribution to shareholders is expected to be around 31.1 cents per share for the year. 

Over 2,185 units, including Executive Condominiums, with a total sales value of $4.3b, were also recorded in the same period, marking the highest annual property sales in the group’s history. 

This was mainly due to the two successful launches of Irwell Hill Residences and Canninghill Piers, with 540 and 696 units, respectively. 77% and 86% of units in the projects, respectively, were sold to date respectively, with sustained steady sales of its existing inventory being sold. Piemont Grand EC and Whistler Grand were also fully sold.