-- CapitaLand Investment Limited (CLI), a global real asset manager, posted a Total PATMI of S$479 million for the Financial Year (FY) 2024, 165% higher than a year ago. Operating PATMI2 for FY 2024 was moderately lower at S$510 million, mainly due to absence of contribution from divested properties as CLI continues its asset-light strategy. The Group generated net Portfolio Gains of S$230 million from divestments.
Revenue for FY 2024 was S$2,815 million, with FRB revenue growing by 9% year-on-year to S$1,169 million, bolstered by increases in revenue contribution from all four FRB segments: Listed Funds Management, Private Funds Management, Lodging Management and Commercial Management. Notably, private funds management recorded an increase of 10%. EBITDA for FY 2024 was S$1,421 million, 29% higher than a year ago.
CLI’s funds under management (FUM) grew to S$117 billion3. The Group will continue to drive FUM growth through investments in platforms and products, focusing on demographics, disruption and digitalisation. CLI continued to gain strong fundraising traction, attracting more than S$3.3 billion across its listed and private funds platforms. Divestments4 totalled S$5.5 billion, and disciplined capital recycling enabled CLI to halve its balance sheet assets from S$8.6 billion as at end-2023 to S$4.3 billion as at end-2024, enhancing capital efficiency and increasing the Group’s capacity to reinvest for growth. CLI also made S$5.4 billion of investments5 across the Group in 2024, including S$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 RevPAU6 increasing by 6% year-on-year.
Subject to shareholders’ approval, the Board is proposing a core dividend of 12.0 Singapore cents per share and a special dividend-in-specie of 0.031 CapitaLand Integrated Commercial Trust (CICT) units per share valued at about 6 Singapore cents for FY 2024, bringing the total dividend to about 18 Singapore cents1. The total payout is approximately S$904 million1. In addition, the Board is also proposing to increase CLI’s annual dividend to a minimum of 50% of Cash PATMI7 to enhance shareholder returns, reflecting confidence in CLI’s ability to deliver strong cashflow and even better performance going forward.
Financial highlights
NM: Not meaningful
Notes:
a. Portfolio gains comprise gains/losses arising from divestments, gains from bargain purchases or remeasurement on acquisitions and realised fair value gains/losses arising from revaluation of investment properties to the agreed selling prices of these properties.
b. Includes -S$82 million of non-cash, accounting impact from the deconsolidation of CapitaLand Ascott Trust, which includes the realisation of foreign currency translation losses and remeasurement of the retained stake in 2024.
Miguel Ko, Chairman of CLI, said: “CLI made steady progress on its strategic priorities and stayed focused on strategic capital deployment, disciplined capital recycling, and proactive capital management, achieving improved profitability. It has achieved a significant increase in its FUM over the past year through organic growth and its investments in Wingate and SC Capital Partners. Both companies have 20 years of operating track record and bring with them extensive funds expertise and capital networks. CLI is poised to augment its Asia Pacific foothold and expand its business globally by focusing on targeted investments in secular mega themes. We remain confident of the momentum and future growth of CLI’s fund, lodging and commercial management businesses. The Board is pleased to propose a core dividend of 12 Singapore cents per share and a special dividend-in-specie of 0.031 CapitaLand Integrated Commercial Trust (CICT) units per share valued at about 6 Singapore cents per share for FY 2024, bringing the total dividend to about 18 Singapore cents, subject to shareholders’ approval.”
Lee Chee Koon, Group CEO of CLI, said: “CLI delivered a creditable performance in FY 2024. We successfully recycled S$5.5 billion of assets and improved capital efficiency. We will continue to leverage our strong balance sheet as a key strategic asset to accelerate growth, harnessing our increased capacity to pursue investments in undervalued assets, seed new funds and REITs, and acquire new platforms through M&A that will complement and add significant value to our enterprise. I am confident that we will be able to recycle more of our China assets and drive asset-light growth of our fund business in China by developing attractive products for both domestic and international investors. Today, CLI is well-positioned to pursue organic and inorganic growth opportunities, having further strengthened our talent bench through our strategic platform acquisitions and new senior hires. We are on track to achieve our target of S$200 billion FUM by FY 2028 and will continue to enhance our fund management capabilities with the right partnerships.”
Commitment to Sustainability
In 2024, CLI published its first standalone Climate Resilience Report, sharing a comprehensive climate scenario analysis of its diversified portfolio of more than 480 properties in 20 countries across various asset classes. It provided critical insights on the potential impact of various physical and transition risks, enabling informed decision-making on prioritising green capital expenditure towards areas with significant risk exposure to reduce vulnerability of the identified properties.
CLI reinforced its sustainability leadership credentials with positions in leading global indexes, including the Dow Jones Sustainability World Index (DJSI World) and Dow Jones Sustainability Asia Pacific Index (DJSI Asia Pacific), the MSCI ESG Leaders Index and the FTSE4Good Index Series. In the 2024 GRESB Assessment, CLI received a 4-star rating for standing investments.
CLI and its listed REITS and business trusts secured S$4.3 billion through 24 sustainable financing instruments in 2024, including RMB2 billion from sustainability-linked panda bonds in China. As at 31 December 2024, CLI and its listed REITS and business trusts have secured S$20.4 billion in sustainable finance from sustainability-linked loans and bonds, green loans, green bonds and perpetual securities.
[1] Based on CLI’s issued shares as at 31 December 2024 and CapitaLand Integrated Commercial Trust (CICT)’s share price at market close on 26 February 2025. The actual dividend payment can only be determined on the book closure date.
[2] Operating PATMI refers to profit from business operations excluding any gains/losses from divestments, revaluations and impairments.
[3] Includes announced acquisitions/divestments from listed and private funds not yet completed; committed but undeployed capital for private funds; and forward purchase contracts, as well as FUM of SC Capital Partners and Wingate Group Holdings.
[4] Gross divestment value of transactions announced in FY2024.
[5] Gross investment value of transactions announced in FY2024.
[6] RevPAU statistics are on a same-store basis and include serviced residences leased and managed by the Group.
[7] Cash PATMI comprises Operating PATMI and Portfolio gains from asset recycling.
