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Finance

City Developments Ltd.

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 SGDUSD
Revenue2,625.85M1,953.96M
Gross Profit977.71M727.54M
Operating income447.66M333.12M
Income before tax97.77M72.75M
Net income97.65M72.66M
EBITDA725.21M539.64M
Diluted EPS0.090.06
Dividends Per Share0.080.05
Total Assets23,893.02M17,722.82M
Total liabilities14,560.99M10,800.72M
Total equity8,413.56M6,240.81M
Operating cash flow975.60M725.96M
Currency in SGDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 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 2017Dec 2018Dec 2019Dec 2020Dec 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
PER72.91
ROA0.41%
ROE1.15%
Operating margin17.04%
Profit margin3.71%

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 (1.2%)
  • 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

  • CapitaLand Integrated Commercial Trust
Last Updated on 16 Aug, 2022

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