Following the release of CapitaLand Investment Limited’s (SGX: 9CI) mixed set of 2023 earnings, the next in line to report its full-year results is City Developments Limited (SGX: C09), or CDL. CDL saw its revenue hit a record high with core net profit soaring on the back of the recovery in its hotel operations. Although the blue-chip property giant neglected to pay out a special dividend this round, it advanced on its GET strategy with progress made on many fronts. Here are five highlights from CDL’s latest 2023 earnings.

1. Record revenue and higher core net profit

CDL logged its highest revenue on record for 2023 with S$4.9 billion of sales, primarily driven by the strong performance of its property development division. Top-line growth came in at 50% year on year. Profit before tax (PBT), however, fell by 74.5% year on year to S$472.6 million due to the absence of substantial gains booked in 2022 from the sale of Millennium Hilton Seoul, Tanglin Shopping Centre,...