Half Year 2026 City Developments Ltd Earnings Call Transcript
Key Points
- Revenue surged over 60% and PATMI more than tripled (up 230%) in H1 2026, driven by strong Singapore property development segment.
- Hotel segment delivered a 6.4% revenue increase with broad-based RevPAR growth across all regions, including a 14% rise in Australasia.
- Interim dividend doubled to $0.06 per share, reflecting commitment to a minimum 35% dividend payout ratio.
- Strong liquidity position with $2 billion cash and $4.9 billion committed undrawn credit facilities, providing ample financial headroom.
- Strategic review approved unanimously by the Board, with a concrete plan to reduce gearing and enhance capital recycling, to be unveiled at end of September.
- Gearing increased to 75% due to GLS acquisitions and CapEx, which management acknowledged as high and uncomfortable.
- Capital recycling gains were notably absent in H1 2026, with divestments delayed by geopolitical and market uncertainties.
- U.K. PBSA portfolio underperformed with a yield on cost of only about 4%, impacted by structural challenges and lower foreign student demand.
- Net finance costs, though reduced, remain significant at $145 million, and interest rate environment poses refinancing risks.
- Property development profits are inherently lumpy, with H2 2026 expected to be weaker than H1 due to project completion schedules.
Good morning, ladies and gentlemen, friends from the media, analysts, bankers, investors, and fellow CDL colleagues. My name is Belinda, and I'm the Head of Investor Relations and Corporate Communications at CDL. On behalf of the CDL management, welcome to CDL's briefing on its unaudited financial results for half year ended June 30, 2026. Now, this is a hybrid briefing format, with both in-person here at the M Hotel Singapore and those joining us virtually on the live webcast.
Thank you for being here. I know it's a very busy financial reporting season, and to see so many in this room brings us much joy. So thank you all for being here.
So for today's briefing, in line with CDL's commitment to environmental sustainability, we will not be providing printed materials. Instead, please scan the QR code on the screen to download several documents that were uploaded on SGXNet this morning. They include a copy of the detailed financial results statement, a press release summarizing some of the key
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
