AUCKLAND: CDL Investments New Zealand Limited (NZX: CDI), a residential property developer, announced its results for the year ended 31 December 2023 today. The company reported a profit after tax of $13.5 million, down from $31.2 million in 2022, due to the difficult market conditions and the absence of one-off gains.

However, the company’s Chairman Colin Sim and Managing Director Jason Adams expressed satisfaction with the level of sales and profit achieved, and confidence in the company’s future prospects. They said that CDL had made strategic acquisitions of 37.5 hectares of land in various regions, which would enable the company to launch new projects with new designs and create new sales opportunities.

CDL Investments also maintained its dividend at 3.5 cents per share, payable on 17 May 2024, to reward its shareholders and demonstrate its continued confidence. The company’s net tangible asset value increased slightly to 107.9 cents per share, while its total assets reached $319.2 million.

Sim said that the company was optimistic about 2024, as its development work and consent applications were proceeding as planned. He said that the company expected to see off-the-plan sales from new projects such as the Iona Block in Havelock North commence from Q2 2024, which should translate into increased revenue and profit during the year.