City Developments Ltd.

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Company Background

City Developments is one of the largest real estate development companies in Singapore with strengths in residential development and hotel operation. Founded in 1963, the firm went public the same year, listing its shares in the former Malayan Stock Exchange. The firm is currently listed on the Singapore Exchange. In 1972, Hong Leong Group, led by founder Kwek Hong Png, acquired a controlling interest in City Developments, making the firm a member of the Malaysian conglomerate. The company is currently led by Executive Chairman Kwek Leng Beng, a son of Hong Leong's founder and one of the richest people in Southeast Asia. Hong Leong Group is still a majority shareholder in the company.

Its portfolio includes major condominiums, as well as retail and office complexes both in Singapore and abroad. It also holds a majority stake in London-listed global hotel group Millennium & Copthorne Hotels, which has a network of over 110 hotels in the world. Faced with a slowdown in Singapore's domestic property market, the company has been seeking to expand overseas, especially in Japan and Australia. In late 2014, it acquired 16,815 sq. meters of land in central Tokyo to develop condominiums, marking its entry into Japan's residential market.

Business Summary

City Developments Ltd. is an investment holding company, which engages in the property development and ownership. It operates through the following segments: Property Development, Hotel Operations, Investment Properties, and Others. The Property Development segment develops and purchases properties for sale. The Hotel Operations segment owns and manages hotels. The Investment Properties segment develops and purchases investment properties for sale. The Others segment comprises of club operator and owner, investment in shares, property management, project management and consultancy services; and provides information technology and procurement services. The company was founded on September 7, 1963 and is headquartered in Singapore.

Financial Highlights

Dec 2021	SGD	USD
Revenue	2,625.85M	1,953.96M
Gross Profit	977.71M	727.54M
Operating income	447.66M	333.12M
Income before tax	97.77M	72.75M
Net income	97.65M	72.66M
EBITDA	725.21M	539.64M
Diluted EPS	0.09	0.06
Dividends Per Share	0.08	0.05
Total Assets	23,893.02M	17,722.82M
Total liabilities	14,560.99M	10,800.72M
Total equity	8,413.56M	6,240.81M
Operating cash flow	975.60M	725.96M
	Currency in SGD	Currency in USD

Historical Data

SGD | USD

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	3,829.19M	4,222.56M	3,428.72M	2,108.42M	2,625.85M
Gross Profit	1,684.16M	1,914.07M	1,638.48M	828.94M	977.71M
Operating income	1,162.66M	1,385.23M	1,047.52M	17.14M	447.66M
Income before tax	718.82M	810.63M	557.77M	-945.03M	97.77M
Net income	522.17M	557.33M	564.57M	-1,917.39M	97.65M
EBITDA	1,374.00M	1,600.29M	1,323.50M	304.27M	725.21M
Diluted EPS	0.54	0.58	0.59	-2.12	0.09
Dividends Per Share	0.08	0.08	0.08	0.08	0.08
Total Assets	19,364.29M	20,885.69M	23,200.25M	23,676.79M	23,893.02M
Total liabilities	7,718.16M	8,611.75M	11,933.70M	14,434.33M	14,560.99M
Total equity	9,391.28M	10,040.69M	10,520.25M	8,502.20M	8,413.56M
Operating cash flow	1,106.46M	-630.20M	1,011.81M	-477.81M	975.60M

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	2,773.81M	3,129.43M	2,513.36M	1,528.52M	1,953.96M
Gross Profit	1,219.98M	1,418.56M	1,201.06M	600.94M	727.54M
Operating income	842.21M	1,026.63M	767.86M	12.43M	333.12M
Income before tax	520.70M	600.78M	408.86M	-685.11M	72.75M
Net income	378.25M	413.05M	413.85M	-1,390.03M	72.66M
EBITDA	995.31M	1,186.01M	970.17M	220.58M	539.64M
Diluted EPS	0.39	0.43	0.43	-1.54	0.06
Dividends Per Share	0.05	0.05	0.05	0.05	0.05
Total Assets	14,489.89M	15,323.32M	17,253.75M	17,914.56M	17,722.82M
Total liabilities	5,775.34M	6,318.23M	8,874.94M	10,921.45M	10,800.72M
Total equity	7,027.29M	7,366.61M	7,823.78M	6,433.02M	6,240.81M
Operating cash flow	801.51M	-467.05M	741.69M	-346.39M	725.96M

Valuation Measures

Dec 2021
PER	72.91
ROA	0.41%
ROE	1.15%
Operating margin	17.04%
Profit margin	3.71%

Key executives

Group Chief Executive Officer & Executive Director: Eik Tse Kwek
Group Chief Operating Officer: Eik Sheng Kwek
Group Chief Financial Officer: Yim Ming Yiong
Chief Technology Officer: Ivan Ng
Senior Vice President: Mark Fong

Shareholders

KWEK FAMILY (47.4%)
Garden Estates Pte Ltd. (2.2%)
Euroform (S) Pte Ltd. (2.1%)
The Vanguard Group, Inc. (1.5%)
BlackRock Fund Advisors (1.3%)
APG Asset Management NV (1.0%)
Gordon Properties Pte Ltd. (1.0%)
Norges Bank Investment Management (0.7%)
Interfab Pte Ltd. (0.6%)
BlackRock Investment Management (UK) Ltd. (0.5%)

Contact Details

Website:http://www.cdl.com.sg
Address: 9 Raffles Place, No. 12-01 Republic Plaza, Singapore, 048619, Singapore
Phone: +65.6877.8228

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Competitors

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Last Updated on 31 Jan, 2023