Capitaland Investment Shares Gains on Proposed Higher Payout

Dow Jones
2025/02/27
 

By Amanda Lee

 

CapitaLand Investment's shares are on track for their biggest one-day percentage gain in about five months, after it proposed higher dividends.

Shares of the Singapore-listed real estate group are up 3.2% at 2.58 Singapore dollars, equivalent to US$1.93, in Thursday morning trade.

The company said before the market open that its 2024 net profit more than doubled on the year to S$479 million, while revenue rose 1.4% compared to a year earlier to S$2.815 billion.

CapitaLand Investment has proposed a total dividend of S$0.18 a share for 2024. This includes a core dividend of S$0.12, as well as a special dividend-in-specie of 0.031 CapitaLand Integrated Commercial Trust units per share, valued at about S$0.06.

The company also plans to distribute up to 155 million units in CICT that it holds, representing around 2.12% of the units in the REIT. This would enable shareholders to participate in the growth of the REIT, the company said.

CapitaLand Investment's results show its resilient fee-income business, which explains its commitment to raise its annual dividend to a minimum 50% of cash profit after tax and minority interests, Citi Research analyst Brandon Lee said in a note.

The larger-than-expected 2024 dividend per share, should support its share price performance Thursday, Lee added.

 

Write to Amanda Lee at amanda.lee@wsj.com

 

(END) Dow Jones Newswires

February 26, 2025 22:33 ET (03:33 GMT)

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