Shares of City Developments Limited (CityDev) plummeted 3.52% in early trading on Friday, following the release of the company's disappointing full-year 2024 financial results. The Singapore-based real estate company reported a significant decline in both revenue and net income, falling short of analyst expectations.

According to the latest financial report, CityDev's revenue for 2024 dropped 34% to S$3.27 billion compared to the previous year. Net income also saw a substantial decrease of 37%, coming in at S$190.8 million. The company's profit margin narrowed to 5.8% from 6.2% in 2023, while earnings per share (EPS) fell to S$0.21 from S$0.34 in the prior year. These results missed analyst estimates, with revenue falling 12% below expectations and EPS coming in 35% lower than projected.

Despite the current setback, analysts forecast a 9.5% average annual revenue growth for CityDev over the next three years, outpacing the expected flat growth in the broader Singaporean real estate industry. However, investors appear to be focusing on the immediate disappointing results, as reflected in the stock's sharp decline. The company's shares have already dropped 7.7% over the past week, indicating ongoing pressure on the stock price.