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 alternatives, real estate finance, and agriculture despite a challenging market.

• FY24 operating earnings per security were AUD 0.117 (11.7c), and full-year distribution was AUD 0.10 (10.0c), both in line with guidance.

• Significant capital inflows of AUD 1.15 billion, with strong institutional and retail participation, and AUD 2.3 billion in transactional activity.

• Strategic investments included increasing Centuria Bass Credit stake to 80% and a 50% investment in ResetData, expanding into edge data centres.

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

Financial highlights

• Statutory net profit after tax: AUD 102.2 million (down from AUD 105.9 million in FY23); operating NPAT: AUD 94.7 million.

• Operating EPS: AUD 0.117 (11.7c) per security; full-year distribution: AUD 0.10 (10.0c) per security.

• Net asset value per security increased to AUD 1.79 (from AUD 1.77 in June 2023).

• Operating cash flows exceeded reported operating NPAT, with net operating cash inflows of AUD 122.7 million.

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

Outlook and guidance

• FY25 guidance: Operating EPS of AUD 0.12 (12.0c) per security and distribution of AUD 0.104 (10.4c) per security, both up from FY24.

• Property and development finance EBIT expected to grow by at least 20% in FY25.

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

• Optimism for FY25 based on improving economic fundamentals in Australia and New Zealand.