Financial Highlights

Summary of CICT Results
FY 2023 FY 2022
1 January to 30 June 2024
("1H 2024") 		1 January to 30 June 2023
("1H 2023")
Actual Actual Actual Actual
Gross Revenue (S$'000) 1,559,934 1,441,747 791,961 774,777
Net Property Income (S$'000) 1,115,907 1,043,283 582,364 552,337
Amount Available for Distribution (S$'000) 728,486 712,968 370,704 358,983
Distributable Income (S$'000) 1,2,3,4 715,726 702,374 366,479 353,245
Distribution Per Unit ("DPU") (cents)

For the period / year

10.75¢

10.58¢

5.43¢

5.30¢

Notes

  1. For 1H 2024, S$4.2 million comprising S$4.0 million and S$0.2 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
  2. For 1H 2023, S$5.7 million comprising S$4.5 million and S$1.2 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
  3. 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.
  4. For FY 2022, S$10.6 million comprising S$7.9 million and S$2.7 million received from CLCT and Sentral REIT respectively had been retained for general corporate and working capital purposes.
Statements of Total Return Group
1H 2024
S$'000 		1H 2023
S$'000 		%
Change
Gross revenue 791,961 774,777 2.2
Property operating expenses (209,597) (222,440) (5.8)
Net property income 582,364 552,337 5.4
Interest income 5,430 3,932 38.1
Other income 63 34,458 NM
Investment income 1 4,225 5,738 (26.4)
Management fees (47,033) (45,191) 4.1
Trust expenses (5,260) (4,915) 7.0
Finance costs (169,684) (153,969) 10.2
Net income before share of results of joint ventures 370,105 392,390 (5.7)
Share of results (net of tax) of:
- Joint Ventures 2 		2,697 5,609 (51.9)
Total return before tax 370,802 397,999 (6.3)
Taxation (3) (2,478) (4,328) (42.7)
Total return 370,324 393,671 (5.9)
Attributable to
Unitholders 364,930 387,844 (5.9)
Non-controlling interests 5,394 5,827 (7.4)
Total return 370,324 393,671 (5.9)
Distribution Statements
Total return attributable to Unitholders 364,930 387,844 (5.9)
Net tax and other adjustments (2,640) (46,923) NM
Tax-exempt income 3,525 1,408 NM
Capital distributions 1,526 13,954 (89.1)
Distribution income from joint ventures 3,363 2,700 24.6
Amount available for distribution to Unitholders 370,704 358,983 3.3
Distributable income to Unitholders 366,479 353,245 3.7
DPU (in cents)
For the period 5.43 5.30 2.5

Footnotes:

  1. This relates to distribution income from equity investments in CLCT and Sentral REIT.
  2. For 1H 2024 and 1H 2023, this relates to CICT's share of results of One George Street 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
  30 Jun 2024
S$'000 		30 Jun 2023
S$'000
Non-current assets    
Plant and equipment 4,763 4,948
Investment properties 24,103,903 24,024,909
Subsidiaries - -
Joint ventures 347,885 348,581
Equity investments at fair value 116,162 150,559
Financial derivatives 12,981 12,616
Deferred tax asset 1,076 1,931
Other non-current assets 865 1,044
24,587,635 24,544,588
Current assets
Trade and other receivables 69,787 50,485
Cash and cash equivalents 147,170 140,700
Financial derivatives 7,393 3,353
224,350 194,538
 
Total assets 24,811,985 24,739,126
Current liabilities    
Trade and other payables 319,930 342,720
Current portion of security deposits 86,216 91,015
Loans and borrowings 1,467,145 1,001,356
Lease liabilities 1,847 1,471
Provision for taxation 10,613 17,189
1,885,751 1,453,751
Non-current liabilities
Financial derivatives 86,040 137,095
Trade and other payables 34,637 34,644
Loans and borrowings 8,014,648 8,476,374
Lease liabilities 24,465 24,057
Non-current portion of security deposits 218,060 207,851
Deferred tax liability 4,825 3,634
8,382,675 8,883,655
 
Total liabilities 10,268,426 10,337,406
 
Net assets 14,543,559 14,401,720
Represented by:
Unitholders' funds 14,341,535 14,199,813
Non-controlling interests 202,024 201,907
14,543,559 14,401,720
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