Centurion H1 net profit falls 38% to S$73.9 million on net fair value loss

[SINGAPORE] Centurion Corporation, a provider of purpose-built dormitories for workers and students, saw its first half-year of FY2025 net profit drop 38 per cent from S$118.2 million to S$73.9 million, weighed down by net fair value loss on investment properties.

Centurion posted a net fair value loss of S$3.5 million on investment properties against a net fair value gain of S$61.6 million for the year-ago period, financial statements on Thursday (Aug 7) showed.

Revenue at S$140.7 million was 13 per cent higher year on year, driven by higher rents across all markets and “healthy” financial occupancies in both Singapore and the United Kingdom.

Revenue from the worker segment rose 15 per cent to S$108.6 million while that from the student segment was 4 per cent higher at S$30.9 million.

However, distribution, administrative and finance expenses shot up by 39 per cent, 22 per cent and 8 per cent respectively.

Countering the increase in expenses was an 11 per cent improvement in share of profit of associated companies.

Centurion’s earnings per share slid from S$0.1406 to S$0.0879. Net asset value per share was S$1.44 as at end June, marginally higher than S$1.37 as at end-December 2024.

Centurion added 362 beds to its portfolio in the half year, bringing the total to 70,291 beds.

The board has declared an interim dividend of S$0.02 per share to be paid on Sep 25, higher than that of S$0.015 for the corresponding period of FY2024.

Centurion shares rose S$0.01 or 0.6 per cent to S$1.81 at Thursday market close, before the release of its financial results.