Centurion H2 net profit almost doubles to S$226.6 million

SPECIALISED accommodation-assets operator Centurion Corporation reported a net profit of S$226.6 million for the six months ended Dec 31, 2024, a 97 per cent jump from S$114.8 million in the year-ago period.

The boost in net profit was attributed to a net fair-value gain of S$157.5 million in the second half, said the group in a bourse filing on Wednesday (Feb 26).

Revenue for the second half stood at S$129.2 million, 18 per cent higher than the S$109.3 million in the year before.

Kong Chee Min, the group’s chief executive officer, said: “The group’s strong performance is driven by healthy occupancies in our core business, with the demand-supply dynamics in the specialised-accommodation sector continuing to support positive rental rate revisions.

“Our ongoing efforts to explore opportunities in new markets and asset classes further demonstrate the resilience of our business.”

For the full year, revenue jumped 22 per cent toS$253.6 million from S$207.2 million previously. Net profit stood at S$344.8 million, from S$153.1 million in 2023.

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Revenue from the group’s purpose-built student accommodation (PBSA) segment grew 17 per cent year on year, reaching S$58.2 million last year, it said.

The results translated into earnings per share of 41.01 Singapore cents, up from 18.21 Singapore cents.

Overall financial occupancy for the PBSA segment remained robust, rising to 97 per cent in FY 2024 from 92 per cent in FY 2023.

Revenue from the group’s workers accommodation segment grew 24 per cent to S$194.6 million last year, from S$156.7 million in 2023.

The group declared a final dividend of S$0.02 per share, up from S$0.015 in the previous year.

Shares of Centurion closed up 1 per cent or S$0.01 at S$1.02 on Wednesday before the announcement.