City Developments (C09) AGM 2025 presentation summary

Financial performance highlights

• Revenue declined to $3.3B in FY 2024 from $4.9B in FY 2023, mainly due to lower property development contributions and absence of one-off gains from prior year projects and divestments.

• Profit before tax fell to $374.0MM and PATMI to $201.3MM, impacted by construction delays, higher interest expenses, and lower development segment contributions, partially offset by hotel impairment reversals and capital recycling.

• EBITDA was $1.0B, down from $1.1B in FY 2023.

• Dividend payout ratio was 47% with proposed dividends of 10.0 cents per share.

• NAV per share stood at $10.17, with RNAV per share at $17.57.

Capital position and liquidity

• Net gearing increased to 69% (or 117% under cost model), with total cash at $2.8B and available committed credit facilities at $4.5B.

• Interest cover ratio declined to 2.1x, and the proportion of fixed rate debt decreased to 38%.

• Average borrowing cost rose slightly to 4.4%, with average debt maturity at 2.3 years.

Property development and sales

• Sold 1,489 units in Singapore in 2024, achieving a 19% market share and $2.97B in sales value.

• Four projects launched in 2024 with an average sell-through rate of 70%; Irwell Hill Residences completed and nearly fully sold.

• Upcoming pipeline includes ~950 units and ~850 unsold inventory, with major launches such as The Orie and Zion Road (Parcel A) planned.