Singapore · Delayed Price · Currency is SGD City Developments Earnings Call Transcripts
Fiscal Year 2026
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A refreshed three-year strategy targets SGD 5 billion in new investments and SGD 6 billion in divestments, focusing on four sectors and key markets. Divestment proceeds will prioritize debt repayment, with a minimum 35% dividend payout and a goal to double AUM to SGD 10 billion. Execution is closely monitored, with management accountability and periodic updates.
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Revenue and PATMI surged in H1 2026, led by strong Singapore property development and resilient hotel and commercial segments. Gearing rose due to land acquisitions, but liquidity remains robust. Capital recycling and a strategic review are set to drive future growth.
Fiscal Year 2025
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Revenue rose 9.7% to SGD 3.6 billion and PATMI surged over 200% to SGD 630 million, driven by record Singapore residential sales and strong capital recycling. A new dividend policy sets a minimum 35% payout of reported PATMI, with a total SGD 0.28 per share for FY2025.
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First half 2025 saw improved core earnings, strong Singapore property sales, and over SGD 1.5B in divestments, despite significant FX losses. Gearing rose slightly, but capital recycling and a special dividend supported shareholder returns. Further divestments and selective investments are expected.
Fiscal Year 2024
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Revenue and profits fell in H1 2024 due to no major EC project, construction delays, and high financing costs; gearing rose to 69%. Hotel and investment property segments were resilient. Management focuses on capital recycling, selective investments, and prudent allocation. Dividend payout is at least 33%, with upside if divestment gains occur.