CDL H1 Net Profit Trebles to S$301.6 Million, Doubles Interim Dividend
City Developments Ltd (CDL) reported a S$301.6 million net profit for the first half, three times last year's figure. The board also doubled its interim dividend.
Strong Earnings Drive Share Price Surge
Singapore property developer City Developments Ltd (CDL) announced a S$301.6 million net profit for the first half of the year, a trebling from S$91.2 million in H1 FY2025. This strong performance led CDL's board to declare a tax-exempt one-tier interim dividend of S$0.06 per share, double the S$0.03 paid a year earlier.
Following the announcement, CDL shares jumped 11.2 per cent, or S$0.88, to S$8.74 at Thursday's market opening. Almost 3.9 million shares, valued at S$32.8 million, changed hands by mid-morning.
Property Development Fuels Growth
The significant increase in net profit stemmed from strong activity within CDL's property development segment. Full revenue and profit recognition from Lumina Grand, a 512-unit executive condominium in Bukit Batok, contributed substantially after it obtained its Temporary Occupation Permit (TOP) in April.
Additionally, maiden contributions from Newport Residences, launched in January and 83 per cent sold, bolstered top-line performance. Projects like Norwood Grand and Union Square Residences also delivered higher contributions during this period.
Increased Sales and Revenue
CDL and its joint venture associates collectively sold 352 residential units in Singapore during the first half of 2026. These sales generated S$892.2 million in revenue. Overall, CDL's revenue for the six months grew 61.1 per cent to S$2.72 billion, up from S$1.69 billion in H1 FY2025.
Basic earnings per share (EPS) also rose sharply to S$0.333, compared with S$0.097 in the previous year's first half, demonstrating improved profitability.
CDL's robust first-half performance shows sustained demand within Singapore's residential property market, particularly for executive condominiums and new launches. Investors will observe if this sales momentum continues into the second half of the year.
The strong results may encourage other developers to accelerate new project launches, potentially influencing land tender prices. This outcome also suggests resilience in buyer sentiment despite broader economic conditions.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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