It was driven by divestment gains as part of the group's ongoing capital recycling strategy.
City Developments Limited (CDL) reported a 32% rise in net attributable profit after tax and non-controlling interest (PATMI) for the first half of 2024, reaching $87.8m, up from $66.5m in the same period last year.
The profit increase was primarily driven by gains from divestments as part of CDL's ongoing capital recycling strategy.
However, CDL's revenue during the period declined to $1.6b, down from $2.7b in the corresponding period of 2023.
The drop in revenue was largely attributed to the previous year's results, which included a one-time contribution of $1b from the full recognition of revenue and profits from the Piermont Grand Executive Condominium (EC) project. CDL owns 60% of this project, and the revenue was fully recognised when the EC project obtained its Temporary Occupation Permit (TOP) in January 2023.