Centuria Capital Group (CNI) H2 2024 earnings summary

Executive summary

• Assets under management (AUM) stabilized at AUD 21.1 billion as of 30 June 2024, with 96% in real estate funds and strong growth in alternative assets and real estate finance.

• FY 2024 saw AUD 1.15 billion in unlisted capital raised and AUD 2.3 billion in total transaction activity, including AUD 310 million in acquisitions and AUD 780 million in real estate finance.

• Strategic investments included increasing Centuria Bass (private credit) stake to 80% and a 50% investment in ResetData, expanding into edge data centers.

• Development pipeline expanded by AUD 1 billion, with AUD 2.2 billion in total future projects identified.

• ESG initiatives advanced, including climate disclosures, electrification, and increased board diversity.

Financial highlights

• Statutory net profit after tax: AUD 102.2 million; operating NPAT: AUD 94.7 million, both down from FY23.

• Operating EPS: AUD 0.117 per security; full-year distribution: AUD 0.10 per security, both within guidance.

• Net asset value per security increased to AUD 1.79 (from AUD 1.77 in June 2023); cash and undrawn debt at AUD 266.5 million.

• Operating gearing reduced to 12.1%; look-through gearing at 35.1%.

• Finance costs decreased to AUD 32.6 million despite higher interest rates.

Outlook and guidance

• FY 2025 operating EPS guidance: AUD 0.12 per security (+2.5% over FY24); distribution guidance: AUD 0.104 per security (+4% over FY24).

• Property and development finance EBIT expected to grow by at least 20% in FY 2025.

• Focus on scaling alternative vehicles, accelerating Edge Data Centre rollout, and leveraging new technologies for growth.