CDL posts $201.3m net profit in FY 2024

The decline was largely due to delayed construction.

City Developments Limited (CDL) has reported a net profit of $201.3m for the fiscal year 2024, down from $317.3m in FY 2023.

The company attributed the decline to delayed construction and higher financing costs, impacting the property development segment.

Revenue for the year also decreased by 33.8% to $3.3b, compared to $4.9b in 2023, due to lower contributions from property development. In 2023, the segment benefitted from significant revenue, including $1b from the Piermont Grand EC project and a $495 m (JPY50b) land sale in Tokyo.

However, the investment properties and hotel operations segments showed resilience, with revenue growth of 11.1% and 8.2%, respectively.

As of 31 December 2024, CDL’s cash reserves stood at $2.8b, with total available liquidity of $4.5b.

The group's net gearing ratio increased to 69% from 61% in FY 2023, driven by acquisitions like the Zion Road land in Singapore and the Hilton Paris Opéra hotel. Net Asset Value (NAV) per share increased to $10.17 from $10.12 in FY 2023. The Revalued NAV (RNAV) per share, factoring in fair value gains, stood at $17.57, up from $17.21 in FY 2023.

In Singapore, CDL and joint ventures sold 1,489 units, including ECs, generating $2.97b in sales. The group’s office portfolio achieved a 97.7% occupancy rate, whilst its retail portfolio had a committed occupancy rate of 98.0%. Hotel operations saw a 2.6% increase in global revenue per available room (RevPAR), reaching $172.5.

CDL also made significant hospitality investments, including the renovation of the former Copthorne Orchid Hotel Penang, now the M Social Resort Penang, and ongoing renovations at the Millennium Downtown New York, set to reopen in late 2025.