CapitaLand's PATMI up 21.2% to $2.14b in 2019

Its Q4 revenue surged 94.8% to $926.6m, thanks to its residential developments in China.

CapitaLand saw its profit after tax and minority interests (PATMI) jump 21.2% YoY to $2.14b in FY2019 from the $1.76b in 2018, according to an SGX filing. Likewise, its revenue rose 11.3% YoY to $6.23b from $5.6b over the same period.

Its PATMI growth was driven by higher operating PATMI, gains realised from assets recycling and revaluation of investment properties. However, it was partially offset by net impairments made during the year.

Operating PATMI was at $1.06b, which is said to be a record high for the group, thanks to contributions from Ascendas-Singbridge (ASB) businesses, assets acquired in FY2018 and assets that turned operational in FY2019. Full-year return of equity (ROE) rose to 10% from 9.3% in FY2018.

Ordinary dividend is at 12 cents apiece.

On a quarterly basis, CapitaLand’s PATMI skyrocketed 94.8% YoY to $926.6m in Q4, thanks to better operating performance, higher gains from asset recycling and revaluation of investment properties.

Q4 operating PATMI grew 95.7% to $418.3m, attributed to contributions from ASB businesses and higher recurring income from investment properties in Singapore and China. Revenue over the same period also surged 46.3% to $2.38b, mainly due to the consolidation of ASB and Raffles City Chongqing as well as higher contributions from Singapore and China malls and lodging properties in the USA.

Residential developments contributing to its revenue in Q4 were Raffles City Residences in Chongqing, Vermont Hills in Beijing and Parc Botanica in Chengdu, China; as well as Marine Blue in Singapore.

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