CDL’s PATMI sinks 36.5% YoY in FY2024

Revenue for the period dropped 32.6% YoY.

City Developments Limited (CDL) reported a 36.5% year-on-year (YoY) drop in net profit after tax and non-controlling interest (PATMI) in FY2024 to $201.3m from $317.3m in FY2023.

Revenue for the period also dropped 32.6% YoY to $3.3b from $4.9b a year ago.

The decline was due to lower contributions from the property development segment following significant contributions in 2023 and the divestment of a land site in Tokyo,

Elevated financing costs and construction delays for certain projects also impacted the CDL’s expected profit recognition schedule.

Meanwhile, its investment properties segment saw an 11.1% YoY increase in revenue due to acquisitions completed in 2023 and 2024.

In addition, its hotel operations segment posted an 8.2% YoY increase in revenue following the acquisition of Sofitel Brisbane Central and the Hilton Paris Opéra hotels in December 2023 and May 2024, respectively, and the official opening of M Social Phuket in June 2024.

Follow the link for more news on

City Developments Limited

Financial Statements

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia