CDL Group achieved record earnings with net profit after tax and non-controlling interest (PATMI) of S$1.3 billion for the full year ended 31 December 2022 (FY 2022), the highest ever since the Group’s inception in 1963.

The stellar performance was boosted by a bountiful year of divestment gains, including the record sale of Millennium Hilton Seoul and the gain on the deconsolidation of CDL Hospitality Trusts (CDLHT) from the Group following the distribution in specie of CDLHT Units in 1H 2022, as well as the completion of the collective sales of Tanglin Shopping Centre and Golden Mile Complex in 2H 2022 where the Group owns share values and strata areas.

The Group’s revenue increased 25.4% to S$3.3 billion for FY 2022 mainly due to our hotel operations segment, which reported an outstanding performance with a 58.1% increase in revenue and a 91% growth in revenue per available room, spurred by the continued recovery and restored confidence of global travel. Notably, our hotel operations made an outstanding rebound, having recovered in most markets to pre-pandemic levels. Our property development and investment segments continued to be resilient.

Despite a challenging economic backdrop, as at 31 December 2022, the Group’s Singapore office portfolio1 had committed occupancy of 95.2%, above the islandwide occupancy of 88.7%.2 Republic Plaza, the Group’s flagship Grade A office building, was 97.6% occupied with a full-year positive rental reversion of 8.4%. King’s Centre completed its Asset Enhancement Initiative in 1H 2022 and has also achieved a strong occupancy rate of 98.4% with a full-year rental reversion of 8.9%. The Group’s Singapore retail portfolio1 also remained healthy, with a committed occupancy of 96.1%, higher than the island-wide occupancy of 92.9%.2

As at 31 December 2022, the Group has cash reserves of S$2.4 billion, and cash and available undrawn committed bank facilities totalling S$4.1 billion. Net gearing ratio (after factoring in fair value on investment properties) stands at 51%.

For more details on CDL’s FY 2022 financial performance, please refer to the CDL Annual Report 2022.

CDL Group’s Key Financial Information

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Year 2018 2019 2020 2021 2022
Revenue $4,223 m $3,429 m $2,108 m $2,626 m $3,293 m
Tax paid $211 m $244 m $76 m $100 m $338 m
Staff costs $850 m $887 m $517 m $542 m $713 m
Profit/(Loss) before tax $876 m $754 m ($1,791) m $215 m* $1,857 m
PATMI $557 m $565 m ($1,917) m $85 m* $1,285 m
Return on equity 5.6% 5.4% (22.5)% 1.0%* 13.9%
Net asset value per share $11.07 $11.60 $9.38 $9.26* $10.16
Basic earnings per share 59.9 cents 60.8 cents (212.8) cents 7.9 cents* 140.3 cents
Ordinary dividend per share
– Final 8.0 cents 8.0 cents 8.0 cents 8.0 cents 8.0 cents3
– Special interim 6.0 cents 6.0 cents 3.0 cents 12.0 cents
– Special final 6.0 cents 6.0 cents 4.0 cents 1.0 cents 8.0 cents3
– Distribution in specie of units in CDL Hospitality Trusts 20.2 cents3


1 Includes South Beach Tower (in accordance with CDL’s proportionate ownership). Excludes Central Mall Office Tower, Central Mall Conservation Unit and 11 Tampines Concourse.
2 Based on Urban Redevelopment Authority’s real estate statistics for Q4 2022.
3 Final and special final tax-exempt (one-tier) ordinary dividends proposed for the financial year ended 31 December 2022 will be subject to the approval of the ordinary shareholders at the forthcoming Annual General Meeting.
4 Based on CDLHT unit price of S$1.27 on 25 May 2022. As at 31 December 2022, CDLHT is an associate of the Group (instead of a subsidiary), following an accounting deconsolidation in May 2022. However, CDLHT remains a key associate of the Group and its environmental performance is accounted for under the Group’s current SBTi-validated Scope 3 carbon emissions reduction target for 1.5 degree warmer scenario.
* As the proposed REIT listing of the two UK commercial properties did not materialise, in accordance with SFRS(I) 5, the Group has reclassified the assets held for sale and the liabilities directly associated with the assets, back to the Group’s respective assets and liabilities. Restated PBT and PATMI are lower by S$12.9 million for FY 2021 vis-à-vis previously reported (refer to note 47 in CDL FY2022 full year financial statement