For the fourth quarter ended Dec 31, earnings came in at $243.8 million, 40.6% lower than the $410.5 million declared in the previous year despite a 36.5% increase in revenue to $1.2 billion.
The growth in revenue for both 4Q16 and FY16 were mainly driven by the property development segment, with strong maiden contribution from Hong Leong City Center in Suzhou; steady sales of the group’s Singapore projects, namely: Gramercy Park, Coco Palms, D’Nest and The Venue Residences and Shoppes; as well as revenue recognition in entirety from the fully sold Lush Acres Executive Condominium (EC), which obtained TOP in June last year.
As at end 2016, net gearing ratio was 16.0% from 26% a year ago, with a cash position of approximately $3.9 billion.
The group has declared a final dividend of 4 cents per share, as well as a special final dividend of 8 cents of share. Taking into account the special interim dividend of 4 cents per share paid in Sept 2016, this brings the total dividends for 2016 to 16 cents per share.
“With the successful execution of our third PPS in October 2016, we now have over $3.5 billion in funds under management, on track to achieve our target of $5 billion by end 2018. We will continue to pursue our funds management and capital recycling programme which may take the form of another PPS or traditional private equity structures,” comments CEO Grant Kelley.
In 2016, CDL and its joint venture (JV) associates sold 1,017 residential units including ECs, at a sales value of about $1.25 billion.
Shares of CityDev closed at $9.24 on Wednesday.
