CDL shares end 4.3% higher on strong H1 earnings, doubling of interim dividend
Its net profit for the first half jumps from S$91.2 million previously to S$301.6 million
Shares of Singapore-based property developer City Developments Ltd (CDL) surged nearly 11% by the opening of the trading day on Thursday, Aug 13, as the company announced that its first-half earnings had more than tripled compared to the same period last year. The property group reported a net profit of S$301.6 million for H1 2026, up from S$91.2 million in H1 2025.
The market reaction was swift, with CDL shares trading at S$8.51 by 9:55 am, representing an 8.3% increase from the previous close. By market close, the shares had settled at S$8.20, a 4.3% gain from the opening price.
The impressive profit growth was attributed to robust performance in CDL's property development segment. A significant driver was the recognition of revenue and profit from Lumina Grand, a 512-unit executive condominium in Bukit Batok, which secured its temporary occupation permit in April. Additionally, the launch of Newport Residences in January, which has already sold 83% of its units, and the increased contributions from projects like Norwood Grand and Union Square Residences contributed to the overall revenue surge.
CDL and its joint-venture associates completed the sale of 352 residential units in Singapore, generating S$892.2 million in revenue for H1 2026.
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