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.
See also: City Developments' FY2024 patmi falls 36.6% as gearing rises to 117%
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%.
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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.
