Shares & Derivatives
City Developments Reports Record Revenue and Declares a Final Dividend of S$0.08: 5 Highlights from the Property Giant’s Latest Earnings
By The Smart Investor  •  March 1, 2024
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,...
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By The Smart Investor
The Smart Investor is co-founded by David Kuo, Joanna Sng, and Chin Hui Leong. The company was formed in late 2019 from the ashes of the Motley Fool Singapore. The Smart Investor believes that everybody can learn how to invest, smartly. We aim to educate people on how to invest smartly by providing investing education, stock commentary and market coverage for Singapore and around the world.

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