This year’s earning season represents a pivotal moment within the financial calendar, marking the inaugural reporting of the first quarter’s figures for 2025. It’s a time within the yearly reporting framework that usually generates excitement and anticipation in an income investor’s agenda as May traditionally brings forth dividends. This is because a large proportion of companies close their financial year on December 31st, hence their annual general meetings occur in April, which culminate in the distribution of dividends. In light of that, let’s highlight five enterprises hailing from Singapore that have declared dividends for payment in May.
At the forefront is CapitaLand Investment Limited (Singapore Stock Exchange Ticker: 9CI), a heavyweight in real estate management with assets worth S$136 billion, both managed on its platform and under direct control as of the close of 2024. Their operations span on an international level and have had contrasting results for the last fiscal year. The company saw a meager 1% year-over-year rise in revenue to S$2.8 billion while its net profit skyrocketed 165% to S$479 million. Nevertheless, the picture changes when we exclude factors such as portfolio gains, unrealised revaluation gains/losses, and impairments; core net profit slipped by 10% year on year to S$510 million.
CLI’s dividend distribution for this year consists of a final dividend of S$0.12 accompanied by a special dividend-in-specie of 0.031 units per share of CapitaLand Integrated Commercial Trust (Ticker: C38U). This is scheduled for disbursement on May 13. Nevertheless, CLI experienced a noticeable boost in their Funds Under Management (FUM) during 2024, marking an upward trajectory of nearly 20%, while also divesting assets amounting to S$5.5 billion. The crux of their profitability model is shifting to a reoccurring earnings system, reinforced by private funds. This transformation enables the upside potential to gain traction via carried interest, as the entity aims to leverage new funds, mergers, and acquisitions for expansion.
The next to consider is Credit Bureau Asia (Ticker: TCU), a revered provider of risk and credit information solutions with an extensive range of clients. From multinational corporations and banks to government bodies and telecommunication companies, CBA’s service and solutions are in high demand. Their annual results for 2024 have been quite impressive. The bureau’s revenue grew 10.2% year-over-year, toppling S$59.7 million, while net profit witnessed a 14.2% year-over-year increase, hitting the S$11.2 million mark. Free cash flow throughout the period was a positive S$28.6 million, marking an uptick of 15.1% compared to the previous year.
CBA remains consistent with its final dividend from last year at S$0.02, which investors can expect to receive on May 30. Added to its interim dividend of S$0.02, the total payout for 2024 amounts to S$0.04, a slight increase from the S$0.037 paid out in the previous year. CBA has also extended its partnership with Dun & Bradstreet for an additional five years, effective from the inaugural day of 2024. The enterprise continues its growth strategy by exploring potential acquisitions in regional markets aimed at expanding its operational footprint.
The food and beverage sector also brings forth dividend-payers. Food Empire (Ticker: F03) stands out in this landscape with its extensive portfolio of snack foods, instant beverages, and food ingredients. With nine manufacturing facilities across six countries and 23 global offices, Food Empire has a significant geographic reach. 2024’s performance reflected a mixed result; total revenue increased 11.9% year-over-year to US$476.3 million, while the normalized net profit saw a drop of 11.4% to US$50 million. However, the F&B player was successful in generating a small free cash flow of US$1.1 million within the fiscal year.
Food Empire has announced a final dividend of S$0.06 and a special dividend of S$0.02, totaling S$0.08 for the 2024 financial year. Expected to be paid on May 14, the dividend is slightly less than the payout for the previous year which stood at S$0.10. Optimistic about their future in the Asian market, Food Empire has geared up with several commercial and strategic initiatives to leverage the anticipated growth. This strategy includes investing in new production facilities within the continent, and a coffee-mix production plant in Kazakhstan is expected to be operational by 2025.
Another notable dividend-paying entity is Ho Bee Land (Ticker: H13), an enterprise with a diverse portfolio of property investments and developments in regions such as Singapore, Australia, China, the UK, and Germany. HBL specializes in luxury residential projects domestically, while its international ventures primarily consist of eight investment properties situated across London. For 2024, the property group reported a strengthened financial performance with a 19% year-over-year revenue increase to S$528 million. Net profit marked a significant turnaround, recording at S$109.6 million in contrast to the previous year’s net loss of S$259.8 million.
2024 also marked a robust free cash flow for HBL, rounding out at S$254.2 million. The company declared a first and final dividend of S$0.04, up by a third from the S$0.03 paid out the previous year. Investors can expect this payout to be made on May 23. HBL’s performance speaks to its stability and commitments, ensuring value for its shareholders and the promise of growth potential backed by its diverse property investments.
Finally, wrapping up this list is Olam Group (Ticker: VC2), a major player in the realm of food and agri-business, catering to food, feed, and ingredients supply to a staggering 22,000 customers around the world. With operations spread across 60 countries and engaging in every step of the value chain, from farming to processing and distribution, Olam’s scale is truly massive. However, the group’s 2024 performance reflected a mixed bag of results; sales increased 16.3% year-over-year to S$56.2 million but due to higher finance costs and share of losses from joint ventures, net profits took a hit, shrinking by 69% to S$86.4 million.
In spite of this varied performance, Olam has declared a final dividend of S$0.03, a cut down by 25% from last year’s S$0.04. The company is set to pay this dividend on May 14. Overall, 2024’s dividend stood at S$0.06, somewhat lower than 2023’s tally of S$0.07. Going forward, Olam acknowledges the ongoing geopolitical instabilities that add a degree of uncertainty to prospects for 2025. Issues such as the tension between Ukraine and Russia, conflicts in the Middle East, and the potential impacts of recent tariff announcements could potentially suppress consumer demand, creating a challenging headwind for the agri-business giant.
These five entities present inviting prospects for income-based investors seeking to augment their dividend income streams. A diverse mix of sectors, including real estate, risk and credit solutions, food and beverage manufacturing, property investment, and agri-business, provides robust opportunities. While there’s no guarantee of future payouts matching past performance or declared dividends for the current year, each company has demonstrated a commitment to shareholder returns and growth, boosted by strategic initiatives and operational expansions.
Disclaimer: This content does not claim to offer financial advice or investment endorsements. Each investor must conduct their own research or consult with a certified financial advisor before making investment decisions. Additionally, the past performance of an asset or investment does not guarantee future returns, and all investments are subject to the risk of loss.
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