CDU records $62.1 million surplus in 2021

CDU
Charles Darwin University (CDU) has reported a net surplus of $62.1 million in its annual report for 2021, released this week.
Charles Darwin University (CDU) has reported a net surplus of $62.1 million in its annual report for 2021, released this week.

Charles Darwin University (CDU) has reported a surplus of $62.1 million from continuing operations in its annual report for 2021, released this week.

This reflects an improvement on the financial performance compared to the previous year with the recorded surplus of $42.8 million

The surplus reported for 2021 included capital grants relating to the development of the Education and Community Precinct. CDU’s operational surplus was $16 million.

CDU Vice-Chancellor Scott Bowman said the surplus would allow CDU to invest in upgrading campuses, and new facilities, expanded course delivery, students, and staff.

“We’re focused on investing the surplus generated in the past two years into our people, infrastructure and corporate systems,” Professor Bowman said.

Professor Bowman said while the surplus from continuing operations was an excellent result, CDU’s core operating revenue declined by 2.5 per cent from the previous year due to lower international students and reduced numbers of delivery in vocational education and training.

Professor Bowman said over the next five years CDU’s new Strategic Plan will have a strong focus on financial investment in initiatives and projects of strategic importance such as international student growth.

“The pandemic impacted the number of international students being able to enter Australia, which hit the university sector hard, that’s why we’re focused on a massive student recruitment exercise this year to fill our city campus by 2024.”

CDU saw a 44.5 per cent increase in new research funding awarded in 2021, from $43.7 million in 2020 to $63.1 million in 2021.

The number of students dropped over the financial year across the university by -1.4 per cent to 22,330 students. These students account for a total of 28,511 course enrolments across the university (a drop of -2.4 per cent in relation to last year).

However, there was an increase in 594 First Nations students compared to last financial year with a total of 4,567 First Nations students studying across the higher education and VET at the University in 2021.

Expenditure in 2021 was higher compared to the previous year by $10 million, due to the returning of normal university activities where expenditures were deferred in 2020 to conserve budget in response to the COVID-19 pandemic.

To view the latest report head to: https://www.cdu.edu.au/media-communications/annual-reports.

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