City Developments Ltd.
In the news
- Asian stocks decline as virus infections rise in South Korea Feb 26, 2020
- Singapore developers say malls recovering as virus fears abate Feb 26, 2020
- Singapore eases property rule amid fallout from coronavirus Feb 7, 2020
- Southeast Asia's 5G rollout to boost suppliers in 2020 Jan 3, 2020
- Asian stocks little changed amid lack of cues Dec 26, 2019 See more articles on 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
Financial Highlights
| Dec 2020 | SGD | USD |
| Revenue | 2,108.42M | 1,528.52M |
| Gross Profit | 828.94M | 600.94M |
| Operating income | 17.14M | 12.43M |
| Income before tax | -945.03M | -685.11M |
| Net income | -1,917.39M | -1,390.03M |
| EBITDA | 304.27M | 220.58M |
| Diluted EPS | -2.12 | -1.54 |
| Dividends Per Share | 0.08 | 0.05 |
| Total Assets | 23,676.79M | 17,914.56M |
| Total liabilities | 14,434.33M | 10,921.45M |
| Total equity | 8,502.20M | 6,433.02M |
| Operating cash flow | -477.81M | -346.39M |
| Currency in SGD | Currency in USD |
Historical Data
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | |
| Revenue | 3,905.45M | 3,829.19M | 4,222.56M | 3,428.72M | 2,108.42M |
| Gross Profit | 1,757.91M | 1,684.16M | 1,914.07M | 1,638.48M | 828.94M |
| Operating income | 1,215.73M | 1,162.66M | 1,385.23M | 1,047.52M | 17.14M |
| Income before tax | 843.48M | 718.82M | 810.63M | 557.77M | -945.03M |
| Net income | 653.22M | 522.17M | 557.33M | 564.57M | -1,917.39M |
| EBITDA | 1,433.76M | 1,374.00M | 1,600.29M | 1,323.50M | 304.27M |
| Diluted EPS | 0.68 | 0.54 | 0.58 | 0.59 | -2.12 |
| Dividends Per Share | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 |
| Total Assets | 19,797.42M | 19,364.29M | 20,885.69M | 23,200.25M | 23,676.79M |
| Total liabilities | 8,388.73M | 7,718.16M | 8,611.75M | 11,933.70M | 14,434.33M |
| Total equity | 9,293.80M | 9,391.28M | 10,040.69M | 10,520.25M | 8,502.20M |
| Operating cash flow | 1,131.49M | 1,106.46M | -630.20M | 1,011.81M | -477.81M |
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | |
| Revenue | 2,828.71M | 2,773.81M | 3,129.43M | 2,513.36M | 1,528.52M |
| Gross Profit | 1,273.25M | 1,219.98M | 1,418.56M | 1,201.06M | 600.94M |
| Operating income | 880.55M | 842.21M | 1,026.63M | 767.86M | 12.43M |
| Income before tax | 610.93M | 520.70M | 600.78M | 408.86M | -685.11M |
| Net income | 473.12M | 378.25M | 413.05M | 413.85M | -1,390.03M |
| EBITDA | 1,038.47M | 995.31M | 1,186.01M | 970.17M | 220.58M |
| Diluted EPS | 0.49 | 0.39 | 0.43 | 0.43 | -1.54 |
| Dividends Per Share | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Total Assets | 13,703.48M | 14,489.89M | 15,323.32M | 17,253.75M | 17,914.56M |
| Total liabilities | 5,806.56M | 5,775.34M | 6,318.23M | 8,874.94M | 10,921.45M |
| Total equity | 6,433.03M | 7,027.29M | 7,366.61M | 7,823.78M | 6,433.02M |
| Operating cash flow | 819.53M | 801.51M | -467.05M | 741.69M | -346.39M |
Valuation Measures
| Dec 2020 | |
| PER | -- |
| ROA | -8.18% |
| ROE | -20.15% |
| Operating margin | 0.81% |
| Profit margin | -90.93% |
Key executives
- Group Chief Executive Officer & Executive Director: Eik Tse Kwek
- Group Chief Financial Officer: Yim Ming Yiong
- Chief Technology Officer: Ivan Ng
- Head-Corporate Administration & Procurement: Cindy Tan
- Group Chief Investment Officer: Shao Hong Khoo
Shareholders
- KWEK FAMILY (39.5%)
- Euroform (S) Pte Ltd. (2.1%)
- Nin Investment Holdings Pte Ltd. (1.6%)
- Garden Estates Pte Ltd. (1.5%)
- The Vanguard Group, Inc. (1.4%)
- BlackRock Fund Advisors (1.2%)
- Gordon Properties Pte Ltd. (1.0%)
- Norges Bank Investment Management (0.8%)
- APG Asset Management NV (0.7%)
- Interfab Pte Ltd. (0.6%)
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
- InterContinental Hotels Group PLC
- CapitaLand Integrated Commercial Trust
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Last Updated on 15 Oct, 2021
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