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Centurion reports 114% y-o-y increase in earnings for FY2023 of $153.1 mil

Nicole Lim
Nicole Lim • 2 min read
Centurion reports 114% y-o-y increase in earnings for FY2023 of $153.1 mil
The group’s revenue grew on the back of contributions from its workers and student accommodations in all markets it's present in.
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Centurion Corporation has reported a 114% y-o-y increase in its earnings for the FY2023 ended Dec 31, 2023, of $153.1 million, boosted by net fair value gains. 

For the full year, the group’s revenue grew 15% y-o-y to $207.3 million on the back of revenue
contributions from its purpose-built workers accommodation (PBWA) and purpose-built student accommodation (PBSA) across all markets which it operates in. 

The group’s board has recommended a final dividend of 1.5 cents per ordinary share for the FY2023. 

Revenue from the group’s Westlite accommodation PBWA segment increased 16% from $134.7 million in FY2022 to $156.7 million in FY2023 due mainly to strong revenue contributions in Singapore, as demand and supply dynamics for PBWAs continue to be positive.

Centurion’s nine Singapore PBWA financial occupancy increased from 97% in FY2022 to 98% in FY2023. Its Malaysian portfolio of eight PBWA assets recorded financial occupancy of 93% for FY2023, up from 80% in FY2022.

Revenue from the group’s dwell student living PBSA segment rose 13% y-o-y from $44.2 million to $49.9 million as bookings and financial occupancies across its PBSA assets in the UK and Australia were boosted by strong student demand underscored by shortage in PBSA bed supply. 

See also: Singtel's FY2024 earnings down 64% y-o-y to $795 mil, boosts full year dividend to 15 cents; announces new growth plan

Average financial occupancy of the group’s ten PBSA assets in the UK remained at 98% for FY2023. 

The group’s net fair value gain on investment properties came in at $84.8million for FY2023, compared to a net fair value gain of $19.0 million for FY2022. 

Centurion’s net asset value per ordinary share increased 20% to 98.21 cents as at Dec 31, 2023, from 81.7 cents in the same period a year ago. 

See also: City Developments announces new launches, lower interest cover in 1QFY2024 update

On portfolio expansion, Centurion is working on its asset enhancement initiatives in Malaysia at Westlite Johor Tech Park and Westlite Senai, which will add about 1,740 beds and 920 beds respectively on expected completion in 4QFY2024.

Additional enhancements are planned at Westlite Pasir Gudang, to add approximately 950 beds on expected completion in 1QFY2025.

In Singapore, Centurion was awarded a tender by JTC to develop and operate a 1,650-bed PBWA in Ubi Avenue 3, which is now expected to be completed in December 2024.

It is partially redeveloping two purpose-built dormitories, Westlite Toh Guan and Westlite Mandai, are targeted for completion in 2026. About 1,764 beds will be added to Westlite Toh Guan and 3,696 beds to Westlite Mandai.

The group has plans to partially redevelop its Village Melbourne City’s carpark into a new PBSA block, pending regulatory approval. 

Shares in Centurion closed 1 cent higher or 2.3% up at 44 cents.

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