City Developments Full Year 2023 Earnings: Revenues Beat Expectations, EPS Lags

City Developments (SGX:C09) Full Year 2023 Results

Key Financial Results

• Revenue: S$4.94b (up 50% from FY 2022).
• Net income: S$305.1m (down 76% from FY 2022).
• Profit margin: 6.2% (down from 39% in FY 2022).
• EPS: S$0.34 (down from S$1.40 in FY 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

City Developments Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) missed analyst estimates by 15%.

The primary driver behind last 12 months revenue was the Property Development segment contributing a total revenue of S$2.79b (57% of total revenue). Notably, cost of sales worth S$3.29b amounted to 67% of total revenue thereby underscoring the impact on earnings. The largest operating expense was General & Administrative costs, amounting to S$581.5m (43% of total expenses). Explore how C09's revenue and expenses shape its earnings.

Looking ahead, revenue is expected to decline by 5.8% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Singapore are expected to grow by 1.4%.

Performance of the Singaporean Real Estate industry.

The company's shares are up 2.4% from a week ago.

Risk Analysis

It is worth noting though that we have found 3 warning signs for City Developments (1 is a bit unpleasant!) that you need to take into consideration.

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