CDL shares surge 11.2% 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

City Developments Ltd (CDL) shares surged 11.2% on Thursday, opening at S$8.74 after the property developer reported a 300% increase in earnings for the first half of the year. Net profit surged from S$91.2 million in the previous period to S$301.6 million, driven by strong performance in its property development segment. The Lumina Grand executive condominium project in Bukit Batok, which received its temporary occupation permit in April, contributed significantly to the boost, with full revenue and profit recognition.

Overall revenue for the six months ended June 30 rose 61.1% to S$2.72 billion from S$1.69 billion in the same period last year. The board also announced a tax-exempt interim dividend of S$0.06 per share, double the S$0.03 per share paid in the previous half-year.

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