CITY Developments Limited (CDL) posted a 51.2 per cent rise in net profit to S$250.8million for its second half-year ended December, from S$165.8 million in the previous corresponding period.
This was led by a 22.9 per cent higher revenue at S$2.2 billion, on top of lower administrative and other operating expenses, despite higher finance costs, based on its regulatory filing on Wednesday (Feb 28).
Earnings per share stood at S$0.27 for the half year, up from S$0.176 the previous year.
A final dividend of S$0.08 per share was proposed for the half year, bringing the total dividend to S$0.12, which represents a dividend payout ratio of 36 per cent. Once approved by shareholders at the annual general meeting on Apr 24, the dividend will be paid on May 22, after the record date on May 6.
For the full year, net profit was down 75.3 per cent on the year to S$317.3 million. The lower profit was due to an absence of substantial divestment gains recorded in FY2022 and higher financing costs in FY2023, said CDL. Revenue for the year rose 50 per cent to S$4.9 billion, driven by strong performance from its property development segment.
It also highlighted its strong liquidity position with cash reserves of S$2.2 billion.
CDL closed 0.3 per cent or S$0.02 lower at S$5.96 on Tuesday.
