- City Developments reported 1H25 revenue of S$1.7b (+8% y-o-y) and PATMI of S$91m (+4% y-o-y), which only made up 24% of our full year estimate. The miss at the bottom line was caused by forex items as well as higher-than-expected finance costs.
- - Read this at SGinvestors.io -
- An special interim dividend of S$0.03 was declared (vs 1H24: S$0.02). See City Developments's dividend payout date.
Divestments are the highlight.
- Much of the results briefing centered on the company’s pace of divestments year-to-date in 2025 which has been better than we had expected. City Developments' management stated that for 2H25, it will continue to optimise its portfolio both locally and internationally and will target assets where it believes there is valuation dislocation. City Developments stated that it remains committed to capital recycling and that it will be a perpetual part of its business.
- - Read this at SGinvestors.io -
No expectation for gearing levels to ameliorate in the near term.
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