Group Note 2023 2022 $’000 $’000 Revenue 31 4,941,121 3,293,413 Cost of sales (3,292,550) (2,046,466) Gross profit 1,648,571 1,246,947 Other income 32 158,237 1,783,032 Administrative expenses (581,452) (593,680) Other operating expenses (406,828) (475,882) Impairment loss on other receivables and debt investment 41 – (80,688) Profit from operating activities 818,528 1,879,729 Finance income 97,970 91,554 Finance costs (491,578) (284,680) Net finance costs 32 (393,608) (193,126) Share of after-tax profit of associates 3,415 86,832 Share of after-tax profit of joint ventures 44,233 83,332 Profit before tax 472,568 1,856,767 Tax expense 33 (123,762) (542,568) Profit for the year 32 348,806 1,314,199 Profit attributable to owners of the Company: – Ordinary shareholders 305,059 1,272,418 – Preference shareholders 12,254 12,904 317,313 1,285,322 Non-controlling interests 31,493 28,877 Profit for the year 348,806 1,314,199 Earnings per share – Basic 34 33.6 cents 140.3 cents – Diluted 34 33.3 cents 135.0 cents The accompanying notes form an integral part of these financial statements. CONSOLIDATED STATEMENT OF PROFIT OR LOSS YEAR ENDED 31 DECEMBER 2023 Group Note 2023 2022 $’000 $’000 Profit for the year 348,806 1,314,199 Other comprehensive income Items that will not be reclassified to profit or loss: Defined benefit plan remeasurements 5,366 14,742 Net change in fair value of equity investments at FVOCI (4,614) 76,462 752 91,204 Items that are or may be reclassified subsequently to profit or loss: Effective portion of changes in fair value of cash flow hedges (10,362) 18,272 Exchange differences on hedges of net investment in foreign operations 16,553 (10,694) Exchange differences on monetary items forming part of net investments in foreign operations 5,933 (101,310) Exchange differences reclassified to profit or loss on disposal of foreign operations 39 – 85,302 Share of translation differences of equity-accounted investees (18,255) (55,147) Share of other comprehensive income of equity-accounted investees 1 615 Translation differences arising on consolidation of foreign operations (136,763) (145,483) (142,893) (208,445) Total other comprehensive income for the year, net of tax 33 (142,141) (117,241) Total comprehensive income for the year 206,665 1,196,958 Total comprehensive income attributable to: Owners of the Company 184,783 1,200,991 Non-controlling interests 21,882 (4,033) Total comprehensive income for the year 206,665 1,196,958 The accompanying notes form an integral part of these financial statements. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 31 DECEMBER 2023 FINANCIALS FINANCIALS ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED 125 124
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