UPDATE: CapitaLand Investment reports 2021 swung to net profit

The 29-storey 79 Robinson Road property in Singapore's central business district (CBD). The building, jointly owned by CapitaLand Investment, Mitsui & Co. and Tokyo Tatemono, opened in January 2022. Credit: CapitaLand Investment (Photo: RENDY ARYANTO/VVS.sg)The 29-storey 79 Robinson Road property in Singapore's central business district (CBD). The building, jointly owned by CapitaLand Investment, Mitsui & Co. and Tokyo Tatemono, opened in January 2022. Credit: CapitaLand Investment (Photo: RENDY ARYANTO/VVS.sg)

This item was originally published on Friday, 25 February 2022 at 8:23 a.m. SGT; it has since been updated to include more details.

CapitaLand Investment (CLI) reported Friday it swung to a 2021 net profit from a year-earlier net loss on revaluation gains, and on higher contributions from both the fee-income related business (FRB) and the real estate investment business.

Operating net profit — which is profit from business operations excluding gains or losses from divestments, revaluations and impairments — rose 12 percent on-year to S$497 million for the year from S$443 million, the real estate investment manager (REIM) said in a filing to SGX.

Revaluation gains and impairments for the 12 months ended 31 December swung to a S$236 million gain from a year-earlier S$1.10 billion loss, the filing said.

Revenue for the year increased 15.6 percent on-year to S$2.29 billion, the filing said.

The fee-related business reported revenue rose 15 percent on-year in 2021 to S$905 million.

“This was mainly driven by higher transactional fees from CLI’s listed REITs and private funds, consistent expansion in the lodging management business as it achieved its fifth straight year of record growth, as well as higher base management fees on the back of a 10 percent growth in funds under management (FUM) to S$86.2 billion,” CLI said in the statement.

The real estate investment business (REIB) revenue rose mainly on better performance in Singapore and China, as well as in Europe, the U.K., the U.S. and Australia, and contributions from newly acquired assets, CLI said. Singapore and China contributed 33 percent and 28 percent, respectively, to earnings before interest, tax, depreciation and amortization (ebitda), CLI said.

CLI proposed a dividend of 12 Singapore cents a share and a special dividend of 3 Singapore cents a share.

Read more details on CapitaLand Investment’s 2020 earnings.