CDL calls for trading halt, cancels FY2024 results briefing

The Edge Singapore

02-26

CDL released its FY2024 results at 7.30am, before calling for a trading halt at 8.02am and cancelling its Feb 26 media and analysts briefing at 8.34am.

City Developments Limited (CDL) has cancelled its results briefing for FY2024 ended Dec 31, 2024, which had been scheduled for 10am on Feb 26.

CDL made the announcement via a bourse filing at 8.34am, about an hour after it released its FY2024 financial results. The company had also called for a trading halt at 8.02am.

CDL says it will be "cancelling the FY2024 results briefing pending release of futher announcements".

Earlier this morning, CDL reported a softer FY2024 as its bottom line was weighed down by higher financing costs and construction delays, which affected profit recognition.

For its FY2024 ended Dec 31, 2024, CDL reported earnings of $201.3 million, down 36.6% y-o-y. Revenue in the same period was down 33.8% y-o-y to $3.27 billion.

CDL's net gearing increased from 103% in FY2023 to 117% in FY2024 but after factoring in fair value on investment properties, its net gearing ratio was 69%, due to recent acquisitions, from 61% in FY2023.

In 2024, CDL divested assets worth more than $600 million, which was short of the $1 billion target indicated in early 2024.

Total cash increased from $2.2 billion to $2.8 billion.

CDL plans to pay a final dividend of 8 cents, which will bring its total FY2024 payout to 10 cents per share, implying a payout ratio of 47%.

In a separate announcement, CDL says three of its directors will be appointed to M&C's board as well. They are Jennifer Duong Young, Daniel Marie Ghislain Desbaillets and Tang Ai Ai aka Mrs Wong Ai Ai.

CDL shares closed at $5.12 on Feb 25, down 0.39% for the day and down 14.38% in the past 12 months.

This story is developing.

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Revenue in the same period was down 33.8% y-o-y to $3.27 billion.</span></div>\n<div><span>CDL's net gearing increased from 103% in FY2023 to 117% in FY2024 but after factoring in fair value on investment properties, its net gearing ratio was 69%, due to recent acquisitions, from 61% in FY2023.</span></div>\n<div><span>In 2024, CDL divested assets worth more than $600 million, which was short of the $1 billion target indicated in early 2024.</span></div>\n<div><span>Total cash increased from $2.2 billion to $2.8 billion.</span></div>\n<div><span>CDL plans to pay a final dividend of 8 cents, which will bring its total FY2024 payout to 10 cents per share, implying a payout ratio of 47%.</span></div>\n<div><span>In a separate announcement, CDL says three of its directors will be appointed to M&amp;C's board as well. They are Jennifer Duong Young, Daniel Marie Ghislain Desbaillets and Tang Ai Ai aka Mrs Wong Ai Ai.</span></div>\n<div><span>CDL shares closed at $5.12 on Feb 25, down 0.39% for the day and down 14.38% in the past 12 months.</span></div>\n<div><span>This story is developing.</span></div>\n</body></html>","source":"edge_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CDL calls for trading halt, cancels FY2024 results briefing</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCDL calls for trading halt, cancels FY2024 results briefing\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-02-26 00:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.theedgesingapore.com/capital/company-news/cdl-calls-trading-halt-cancels-fy2024-results-briefing?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS><strong>The Edge Singapore </strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>CDL released its FY2024 results at 7.30am, before calling for a trading halt at 8.02am and cancelling its Feb 26 media and analysts briefing at 8.34am. City Developments Limited (CDL) has cancelled ...</p>\n\n<a href=\"https://www.theedgesingapore.com/capital/company-news/cdl-calls-trading-halt-cancels-fy2024-results-briefing?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK6098","symbol_name":"多样化房地产活动","start_time":0,"source_url":"https://www.theedgesingapore.com/capital/company-news/cdl-calls-trading-halt-cancels-fy2024-results-briefing?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS","article_id":"2514983427","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2514983427","pubTimestamp":1740501713,"columns":[],"sourceInfo":{"source_id":"edge_highlight","name":"Edge"},"weMediaInfo":null,"summary":"CDL released its FY2024 results at 7.30am, before calling for a trading halt at 8.02am and cancelling its Feb 26 media and analysts briefing at 8.34am. ","collect":0,"end_time":0,"defaultTopTitle":"theedgesingapore.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK6098":"多样化房地产活动","C09.SI":"城市发展","CDL":"VictoryShares US Large Cap High Div Volatility Wtd ETF","SG9999016042.SGD":"Schroder Singapore Trust A Acc SGD","SG9999000343.SGD":"Schroder Singapore Trust A Dis SGD","SG9999000475.SGD":"Aberdeen Standard Singapore Equity SGD","BK6512":"房地产股"},"translate_title":"CDL评级暂停交易，取消2024财年业绩简报","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"C09.SI":1,"CDL":1},"content_text":"CDL released its FY2024 results at 7.30am, before calling for a trading halt at 8.02am and cancelling its Feb 26 media and analysts briefing at 8.34am. City Developments Limited (CDL) has cancelled its results briefing for FY2024 ended Dec 31, 2024, which had been scheduled for 10am on Feb 26. \nCDL made the announcement via a bourse filing at 8.34am, about an hour after it released its FY2024 financial results. The company had also called for a trading halt at 8.02am.  \nCDL says it will be \"cancelling the FY2024 results briefing pending release of futher announcements\". \nEarlier this morning, CDL reported a softer FY2024 as its bottom line was weighed down by higher financing costs and construction delays, which affected profit recognition.\nFor its FY2024 ended Dec 31, 2024, CDL reported earnings of $201.3 million, down 36.6% y-o-y. Revenue in the same period was down 33.8% y-o-y to $3.27 billion.\nCDL's net gearing increased from 103% in FY2023 to 117% in FY2024 but after factoring in fair value on investment properties, its net gearing ratio was 69%, due to recent acquisitions, from 61% in FY2023.\nIn 2024, CDL divested assets worth more than $600 million, which was short of the $1 billion target indicated in early 2024.\nTotal cash increased from $2.2 billion to $2.8 billion.\nCDL plans to pay a final dividend of 8 cents, which will bring its total FY2024 payout to 10 cents per share, implying a payout ratio of 47%.\nIn a separate announcement, CDL says three of its directors will be appointed to M&C's board as well. They are Jennifer Duong Young, Daniel Marie Ghislain Desbaillets and Tang Ai Ai aka Mrs Wong Ai Ai.\nCDL shares closed at $5.12 on Feb 25, down 0.39% for the day and down 14.38% in the past 12 months.\nThis story is developing.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"code":"91000000","status":"200"}}}