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CDL Investments New Zealand (CDI) briefings
Read that company's published results in release order, newest first.
CDL Investments New Zealand (CDI)HY26Released 10 August 2026
PBT margin fell to 37.5% while ROE stayed flat at a weak 1.1%
Revenue fell 8.8% and margins compressed to a five-year low, but ROE held flat at 1.1% despite a record $328.5m asset base.
Published 10 August 2026
Read briefingCDL Investments New Zealand (CDI)FY25Released 24 February 2026
PBT fell 42.5% as margin reset to an unprecedented 40.4%
Tax-rate normalisation cushioned NPAT to a 27.9% decline, masking a deeper margin compression on subdued residential section demand.
Published 22 April 2026
Read briefingCDL Investments New Zealand (CDI)HY25Released 12 August 2025
PBT fell 44.6% as tax normalisation flattered NPAT to +33.3%
Revenue dropped 17.2% in a subdued property market, and the headline NPAT gain reflects a 29.4% tax rate versus 70.2% prior, not improving operations.
Published 22 April 2026
Read briefingCDL Investments New Zealand (CDI)FY24Released 24 February 2025
Tax adjustment masked turnaround: PBT up 43.3% but NPAT only 14.1%
A $3.9m one-off non-cash deferred tax charge lifted the effective tax rate to 42.5%, suppressing reported NPAT despite revenue rising 59.4%.
Published 22 April 2026
Read briefingCDL Investments New Zealand (CDI)HY24Released 7 August 2024
Cash dropped 76% to NZ$10.7m as PBT rose 31.4%
Strong property sales lifted PBT 31.4%, but operating cash flow swung to a NZ$6.5m outflow as receivables built and a one-off tax charge cut NPAT
Published 22 April 2026
Read briefingCDL Investments New Zealand (CDI)FY23Released 26 February 2024
Maintained dividend pushed payout to unprecedented 75.4% as cash fell 93%
FY23 NPAT fell 56.7% on the absence of one-off land sale gains, but the held 3.5cps dividend now exceeds free cash flow.
Published 22 April 2026
Read briefingCDL Investments New Zealand (CDI)HY23Released 8 August 2023
PBT fell 78.0% as HY22's one-off land sale windfall failed to repeat
Revenue fell 75.1% and PBT 78.0% against an unusually strong, acquisition-boosted HY22, even as margins held and cash rose 198.6%.
Published 22 April 2026
Read briefingCDL Investments New Zealand (CDI)FY22Released 16 February 2023
Revenue fell 27% but NPAT margin hit an unprecedented 46.5%
Project mix held profit virtually flat despite lower settlement volumes, while cash fell NZ$21.4m on the Hamilton land acquisition and dividends.
Published 22 April 2026
Read briefingCDL Investments New Zealand (CDI)HY22Released 10 August 2022
Operating cash flow fell 74.9% even as profit before tax rose 10.4%
CDL's profit grew on margin, not cash: operating cash flow fell 74.9% and cash fell 83.4% as revenue declined 22.2%.
Published 22 April 2026
Read briefingCDL Investments New Zealand (CDI)FY21Released 18 February 2022
Operating cash inflow fell 93% to NZ$4.1m as NPAT advanced 4.0%
Residential development cash generation collapsed from NZ$54.8m prior, leaving FY21 reported earnings well ahead of cash conversion.
Published 22 April 2026
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