Financial Highlights

Summary of CICT Results
1 July to 31 December 2024
("2H 2024") 		1 July to 31 December 2023
("2H 2023")
FY 2024 FY 2023
Actual Actual Actual Actual
Gross Revenue (S$'000) 794,368 785,157 1,586,329 1,559,934
Net Property Income (S$'000) 571,114 563,570 1,153,478 1,115,907
Amount Available for Distribution (S$'000) 390,888 369,503 761,592 728,486
Distributable Income (S$'000) 1,2,3,4 385,732 362,481 752,211 715,726
Distribution Per Unit ("DPU") (cents)

For the period / year

5.45¢

5.45¢

10.88¢

10.75¢

Footnotes:

  1. For 2H 2024, advanced distribution of S$145.5 million (or DPU of 2.16 cents) for the period from 1 July 2024 to 11 September 2024 was paid on 17 October 2024 pursuant to the announcement made on Advanced Distribution. The distribution of S$240.2 million (or DPU of 3.29 cents) for the period from 12 September 2024 to 31 December 2024 will be paid on 21 March 2025 as stated below. S$5.2 million comprising S$4.0 million and S$1.2 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
  2. For 2H 2023, S$7.0 million comprising S$5.0 million and S$2.0 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
  3. For FY 2024, S$9.4 million comprising S$8.0 million and S$1.4 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
  4. For FY 2023, S$12.7 million comprising S$9.5 million and S$3.2 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
Statements of Total Return Group
2H 2024
S$'000 		2H 2023
S$'000 		%
Change 		FY 2024
S$'000 		FY 2023
S$'000 		%
Change
Gross revenue 794,368 785,157 1.2 1,586,329 1,559,934 1.7
Property operating expenses (223,254) (221,587) 0.8 (432,851) (444,027) (2.5)
Net property income 571,114 563,570 1.3 1,153,478 1,115,907 3.4
Interest income 7,272 7,353 (1.1) 12,702 11,285 12.6
Other income - 9 NM 63 34,467 (99.8)
Investment income 1 5,156 7,022 (26.6) 9,381 12,760 (26.5)
Management fees (48,600) (45,975) 5.7 (95,633) (91,166) 4.9
Trust expenses (13,666) (6,074) NM (18,926) (10,989) 72.2
Finance costs (175,710) (168,106) 4.5 (345,394) (322,075) 7.2
Net income before share of results of joint ventures 345,566 357,799 (3.4) 715,671 750,189 (4.6)
Share of results (net of tax) of:
- Joint Ventures 2 		31,059 9,970 NM 33,756 15,579 NM
Net income 376,625 367,769 2.4 749,427 765,768 (2.1)
Net change in fair value of investment properties 153,127 113,561 34.8 153,127 113,561 34.8
Gain on divestment of investment property 32,765 - NM 32,765 - NM
Total return before tax 562,517 481,330 16.9 935,319 879,329 6.4
Taxation (3) 8,936 (5,783) NM 6,458 (10,111) NM
Total return 571,453 475,547 20.2 941,777 869,218 8.3
Attributable to
Unitholders 568,753 474,726 19.8 933,683 862,570 8.2
Non-controlling interests 2,700 821 NM 8,094 6,648 21.8
Total return 571,453 475,547 20.2 941,777 869,218 8.3
Distribution Statements
Total return attributable to Unitholders 568,753 474,726 19.8 933,683 862,570 8.2
Net tax and other adjustments (214,466) (121,799) 76.1 (217,106) (168,722) 28.7
Tax-exempt income 11,987 1,944 NM 15,512 3,352 NM
Capital distributions 6,059 8,564 (29.3) 7,585 22,518 (66.3)
Distribution income from joint ventures 18,555 6,068 NM 21,918 8,768 NM
Amount available for distribution to Unitholders 390,888 369,503 5.8 761,592 728,486 4.5
Distributable income to Unitholders 385,732 362,481 6.4 752,211 715,726 5.1
DPU (in cents)
For the period 5.45 5.45 - 10.88 10.75 1.2

Footnotes:

  1. This relates to distribution income from equity investments in CLCT and Sentral REIT.
  2. For 2H 2024 and FY2024, this relates to CICT’s share of results of Orchard Turn Holding Pte. Ltd. (“OTH”), ION Orchard Link Pte. Ltd. (“IOL”), One George Street LLP (“OGS LLP”) (50.0%) and GOT & GSRT (45.0%). For 2H 2023 and FY2023, this relates to CICT’s share of results of One George treet LLP (“OGS LLP”) (50.0%) and GOT & GSRT (45.0%).
  3. Taxation includes income tax expenses and deferred tax expenses in relation to the temporary differences arising from the fair value changes of overseas investment properties held by the Group.

NM - Not meaningful.

  Group
  31 Dec 2024
S$'000 		31 Dec 2023
S$'000
Non-current assets    
Plant and equipment 4,627 4,948
Investment properties 23,702,305 24,024,909
Joint ventures 1,431,840 348,581
Equity investments at fair value 123,920 150,559
Financial derivatives 3,567 12,616
Deferred tax asset 3,638 1,931
Other non-current assets 42 1,044
25,269,939 24,544,588
Current assets
Trade and other receivables 80,929 50,485
Cash and cash equivalents 156,358 140,700
Financial derivatives 5,776 3,353
243,063 194,538
 
Total assets 25,513,002 24,739,126
Current liabilities    
Financial derivatives 2,114 -
Trade and other payables 374,964 342,720
Current portion of security deposits 89,961 91,015
Loans and borrowings 1,035,195 1,001,356
Lease liabilities 2,595 1,471
Provision for taxation 6,030 17,189
1,510,859 1,453,751
Non-current liabilities
Financial derivatives 105,343 137,095
Trade and other payables 34,622 34,644
Loans and borrowings 7,909,952 8,476,374
Lease liabilities 24,536 24,057
Non-current portion of security deposits 204,201 207,851
Deferred tax liability 1,318 3,634
8,279,972 8,883,655
 
Total liabilities 9,790,831 10,337,406
 
Net assets 15,722,171 14,401,720
Represented by:
Unitholders' funds 15,524,456 14,199,813
Non-controlling interests 197,715 201,907
15,722,171 14,401,720
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