Centurion Corporation (OU8) H1 2025 earnings summary

Executive summary

• 1H 2025 revenue rose 13% YoY to S$140.7m; core-business NPAT increased 22% to S$65.4m.

• Reported NPAT fell 35% to S$83.0m as net fair-value gains declined to S$18.8m from S$82.1m in 1H 2024.

• Revenue growth reflected rental revisions and strong Singapore occupancy, partly offset by weaker occupancy in Malaysia and Australia and currency weakness.

Financial highlights

• Gross profit rose 15% to S$108.6m; gross margin expanded 1.5 percentage points to 77.2%.

• Attributable core-business profit rose 19% to S$57.8m; profit attributable to equity holders fell 38% to S$73.9m.

• Administrative and distribution expenses increased S$3.9m; finance expenses rose S$1.5m, mainly from higher master-lease interest costs.

• Operating cash flow was S$69.8m versus S$52.8m; cash and bank balances reached S$114.4m at 30 June 2025.

Outlook and guidance

• FY 2025 net bed-capacity growth is expected to be ~1,972 beds; 362 beds were added in 1H 2025.

• Westlite Toh Guan is expected to add ~1,764 beds by 4Q 2025 and Westlite Mandai ~3,696 beds by early 2026.

• Pipeline includes 732 beds at Macquarie Park by 1Q 2026, ~644 beds at dwell Village Melbourne City by 1Q 2027, and a proposed ~675-bed Melbourne PBSA development.

• Outlook remains cautiously optimistic, supported by rental revisions and resilient demand; inflation, interest rates and trade-tariff volatility remain uncertainties.