CDL Hospitality Trust NPI up 11.8% YoY to $138.3m in 2023

Its revenue rose due to the recovery of international tourism.

CDL Hospitality Trusts saw an 11.8% year-on-year (YoY) increase in net property income to reach $138.3m in 2023 as its portfolio markets improved with the recovery of international tourism.

In a disclosure, CDL Hospitality noted that international tourism in 2023 was at 88% of pre-pandemic levels, citing data from the United Nations. As such, the company’s revenue rose 12.3% YoY to $257.6m, with higher contributions across all portfolio markets except for New Zealand and Maldives.

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“While international travellers from China have yet to fully return, global travel continued to recover in 2023. In Singapore, our core market, the hospitality sector witnessed remarkable growth in the first three quarters of 2023, building on the momentum of the strong rebound in 2022,” said CDL’s managers CEO Vincent Yeo.

“In the final quarter, the pent-up demand that fuelled the industry's resurgence began to normalise, in contrast to the fervour experienced in 2022,” Yeo added.

The average occupancy rate in its Singapore Hotels was up to 76.2% in 2023 from 76.1% in 2022, whilst the average daily rate was up 18.8% to $260. Revenue per available room rose 19% to $198.

The company’s dividends per share rose 1.2% YoY to 5.70 cents.

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