Wednesday 17th February 2021
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CDL Investments New Zealand Limited is pleased to report that after an extraordinary year, the company recorded a profit after tax of $30.1 million (2019: $34.1 million) in 2020, which is a very creditable result under challenging circumstances. Reflecting the fact that the company was able to trade during lockdown and also reflecting active demand in all regions during the year, CDI’s property sales & other income totaled $88.8 million (2019: $91.8 million). Profit before tax was $41.8 million (2019: $47.4 million).
At 31 December 2020, CDI’s shareholders’ funds increased to $257.1 million (2019: $235.5 million) and total assets also increased to $265.0 million (2019: $240.7 million). Net tangible asset per share (at book value) was 91.7 cents (2019: 84.5 cents).
CDI did not apply for assistance from the government Wage Subsidy programme.
As at 31 December 2020, the independent market value of CDI’s property holdings was $292.8 million (2019: $315.6 million). At cost, the portfolio was valued at $164.8 million (2019:$182.7 million) in line with CDI’s accounting policies.
Shareholders should be pleased that CDI was able to achieve a result in 2020 which mirrored 2019 especially in a year which, to put it mildly, was discombobulating. CDI with its geographically diverse portfolio of residential sections in Auckland, Hamilton and Christchurch benefitted from unusually positive market conditions. While these conditions remain evident, the company is optimistic that 2021 will also see a solid level of sales across New Zealand for residential sections. New stages will be developed and brought to market to meet this demand including sections in Kewa Road and Dominion Road in Auckland, and Prestons Park in Christchurch.
Over the past seven years, we have selectively acquired 154.5 hectares of land for our core business of residential development. These acquisitions will continue as more identified opportunities become available and announcements made in due course. In the past three years, we have also embarked on strategies to diversify our development programme and revenue stream and we will continue with this where we believe this is suitable and will deliver additional value to shareholders.
The Board is confident that the acquisitions made and those to be made in 2021 will ensure that the Company is able to secure a sufficient pipeline of development land to maintain CDI’s future profitable operations.
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