SPECIALISED accommodation assets operator Centurion Corporation reported a net profit of S$114.8 million for the six months ended Dec 31, 2023, a 198 per cent jump from S$38.5 million in the corresponding year-ago period.
The results translate to an earnings per share of S$0.1821, up from the earnings of S$0.085 per share in H2 2022.
The group said in a bourse filing on Wednesday (Feb 28) that the substantial increase in net profits can be attributed to a net fair-value gain on its investment properties of S$84.8 million in FY 2023, up from S$19.0 million in the previous financial year.
Excluding fair-value adjustments and one-off items, net profit from the group’s core business operations rose 21 per cent in FY 2023 to S$69.2 million, from S$57.1 million in FY 2022.
In FY 2023, Centurion’s revenue grew 15 per cent year-on-year to S$207.4 million, on the back of strong revenue contributions from the group’s portfolio of purpose-built workers accommodation and purpose-built student accommodation across markets in which the group operates.
The group was operating 34 purpose-built workers’ and student accommodation assets, totalling 67,377 beds in Singapore, Malaysia, Australia, the UK and the US as at Dec 31, 2023.
The robust growth trajectory is further reflected in the 22 per cent jump in H2 2023 revenue to S$109.3 million, up from S$89.9 million in the same period in the year before, noted the group.
Centurion’s chief executive Kong Chee Min said that “the continued positive demand and supply dynamics in the specialised accommodation landscape have enabled the group to achieve healthy occupancies and positive rental rate revisions globally, effectively cushioning cost increases from inflation and the higher interest rate environment”.
The board of directors has proposed a second and final dividend of S$0.015 per share, bringing its dividend for the full financial year to S$0.025 per share.
If approved by the shareholders, the final dividend will be paid out on May 31.
Before the announcement, shares of Centurion closed on Wednesday at S$0.44, up S$0.01 or 2.3 per cent.
