City Developments Limited (CDL) is a global property and hotel conglomerate that finds its properties in 106 locations across 29 countries. Its geographically diverse portfolio also comprises a multitude of properties ranging from shopping malls to offices; and from hotels to serviced apartments. CDL reports three main business segments: Hotel Operations, Property Development, and Investment Properties. Of these three, Hotel Operations is the largest segment and contributed 50% of CDL’s total revenue in FY2019.
Source: City Developments 2020 AGM presentation slides
Undoubtedly, the hotel sector has been hit quite hard due to travel restrictions imposed due to COVID-19. With CDL deriving around half of its revenue in 2019 from its hotel operations, I wanted to find out the extent of the impact COVID-19 had on CDL’s business operations. Hence, I tuned in to CDL’s virtual AGM to find out more. Here are 10 things I learned from the 2020...