CDL posts a $4.9b increased revenue in FY23

Net profit for FY23 stood at $317.3m, lower than FY2022’s $1.3b.

City Developments Limited (CDL) recorded a revenue of $4.9b in FY23, an increase from $3.3b in FY2022. This growth was driven by its property development segment’s outstanding performance.

Revenue for the investment properties and hotel operations segments also grew 31.8% and 8.5% respectively in FY 2023.

Meanwhile, the hotel operations segment continued to increase steadily, with Revenue Per Available Room (RevPAR) growth across all regions including Singapore (19.9%), the UK (10.6%), and Asia (77.2%).

However, CDL recorded a lower net profit of $317.3m as compared to the $1.3b in FY2022 due to higher financing cost in FY2023 and the lack of divestment gains from previous transactions.