Tiger Brokers

CapitaLand Investment's headline patmi rises 165% y-o-y in FY2024; to give dividend-in-specie of CICT units

The Edge Singapore
26 Feb

CapitaLand Investment has posted a 165% y-o-y surge in headline patmi due to divestments and plans a new dividend policy of 50% payout from cash patmi.

CapitaLand Investment (CLI) has posted a total patmi of $479 million for FY2024, up 165% y-o-y.

However, operating patmi for FY2024 fell 10% y-o-y to $510 million, mainly due to absence of contribution from divested properties as CLI continues its asset-light strategy. CLI generated net portfolio gains of $230 million from divestments. 

Revenue for FY2024 was $2,815 million, with fee-related business (FRB) revenue growing by 9% y-o-y to $1,169 million, supported by increases in revenue contribution from all four FRB segments: Listed Funds Management, Private Funds Management, Lodging Management and Commercial Management.  

Private funds management recorded an increase of 10%. Ebitda for FY2024 rose by 29% y-o-y to $1,421 million. CLI’s funds under management (FUM) grew to $117 billion. CLI attracted more than $3.3 billion in investments across its listed and private funds platforms.  

Divestments totalled $5.5 billion, with its balance sheet assets falling from $8.6 billion as at end-2023 to $4.3 billion as at end-2024. CLI also made $5.4 billion of investments across the group in 2024, including $450 million deployed into strategic mergers and acquisitions (M&A). The lodging business had a record number of openings, with about 11,700 units opened in 54 properties, with RevPAU increasing by 6% y-o-y.
CLI plans to pay a core dividend of 12 cents per share and a special dividend-in-specie of 0.031 CapitaLand Integrated Commercial Trust C38u C38u (CICT) units per share valued at about 6 cents for FY2024, bringing the total dividend to about 18 cents. The total payout is approximately $904 million.
In addition, CLI is proposing to increase its annual dividend to a minimum of 50% of cash patmi to enhance shareholder returns.

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