Centurion Corporation (OU8) H2 2024 earnings summary

Executive summary

• FY 2024 revenue rose 22% to S$253.6m; core net profit increased 45% to S$110.8m, supported by rental revisions and occupancy in key markets.

• Portfolio comprised 69,929 operational beds across 37 properties in six countries, plus two Xiamen BTR projects with combined capacity of c.1,500 apartments.

Financial highlights

• FY 2024 gross profit rose 30% to S$195.6m; gross margin expanded 5 percentage points to 77.1%.

• Reported net profit was S$382.6m, up 118%, including S$219.1m in net fair value gains; attributable net profit was S$344.8m, up 125%.

• Core net profit increased 45% to S$110.8m; core net profit attributable to equity holders rose 43% to S$99.3m.

• 2H 2024 revenue rose 18% to S$129.2m; gross profit increased 27% to S$101.5m and attributable net profit rose 97% to S$226.6m.

Segment performance

• FY 2024 PBWA revenue rose 24% to S$194.6m; segment profit increased 32% to S$130.4m, while average financial occupancy eased to 94% from 96%, largely due to Malaysia AEI works.

• Singapore PBWA revenue increased 28% to S$176.1m; occupancy was 99% excluding newly added Westlite Ubi beds, versus 98% in FY 2023.

• Malaysia PBWA revenue was S$19.3m, down 1% in SGD; local-currency revenue was similar YoY. Occupancy was 91% excluding beds unavailable for AEI or newly added, versus 93%.

• PBSA revenue grew 17% to S$58.2m; segment profit rose 35% to S$29.0m and occupancy improved to 97% from 92%.

• UK PBSA revenue rose 20% to S$40.2m and occupancy to 98% from 93%; Australian revenue grew 13% to S$16.9m and occupancy rose to 96% from 88%.