6 Highlights from the Property Giant’s 2022 Earnings

Investors are witnessing a strong earnings reporting season as several reputable blue-chip stocks dole out record earnings.

DBS Group (SGX: D05) led the way with a its highest-ever net profit of S$8.2 billion for 2022. Next, Singapore Airlines Limited (SGX: C6L), or SIA, turned in its highest-ever operating profit due to a sharp rebound in air travel. The third candidate for record-high earnings is City Developments Limited (SGX: C09), or CDL. The property giant posted its highest profit since the group’s inception, driven by major property divestments. In line with the blockbuster results, CDL has also declared a bumper cash dividend for its shareholders. Here are six highlights from the group’s 2022 financial results.

1. A blowout set of numbers

CDL’s revenue rose 25.4% year on year for 2022 to S$3.3 billion, aided by higher property development sales and also a better performance from the group’s hotels division. Net profit catapulted from just S$84.7 million in 2021 to S$1.3 billion last year. The group’s net profit was boosted by two exceptional, one-off items – the first…

Author: jeserje

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