CENTURION Corporation posted a 209 per cent rise in net profit to S$118.2 million for its first half ended Jun 30, from S$38.3 million in the previous corresponding period.
Net profit was boosted by fair-value gains of S$61.6 million in the half-year period, the dormitory operator said in a regulatory filing on Monday (Aug 12).
Earnings per share stood at 14.06 Singapore cents for the period, up from 4.56 cents the previous year.
Revenue for H1 rose 27 per cent to S$124.4 million, from S$97.9 million a year earlier. This was due to strong financial occupancies from its purpose-built workers accommodation and purpose-built student accommodation portfolio – especially across Singapore, the UK and Australia – as well as positive rental rate reversions across all operating markets.
An interim dividend of 1.5 Singapore cents per share was declared for the half year, up from one cent per share the year before. The dividend will be paid out on Sep 30, after books closure on Sep 10.
The company said it has continued to strategically review and rationalise its assets, assessing opportunities for capital recycling and portfolio expansion.
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In Singapore, it is developing a new purpose-built workers accommodation with around 1,650 beds, to be completed by December 2024.
It has planned asset enhancement initiatives in Malaysia, while it is also aiming to redevelop some assets and expand its portfolio in Australia.
The company also entered China’s purpose-built student accommodation portfolio in H1, with two assets in Hong Kong expected to be operational in September.
Kong Chee Min, chief executive of Centurion, said: “We will continue to make concerted efforts to enhance our portfolio, expanding our revenue streams to deliver sustained strong performance.”
Shares of Centurion rose 0.8 per cent or S$0.005 to end at S$0.64 on Monday, before the results release.
