Revenue for 9MFY2024 rose by 25% y-o-y to $186.5 million.

Centurion has reported revenue of $62.1 million for the 3QFY2024 ended September, up 22% y-o-y from the same period last year. Revenue for 9MFY2024 rose by 25% y-o-y to $186.5 million. 

The higher revenue came on the back of strong occupancy rates and healthy rental revisions across the group’s portfolio of purpose-built workers accommodation (PBWA) and purpose-built student accommodation (PBSA).

Revenue for Centurion's PBWA segment saw a 27% y-o-y to $143.8 million in 9MFY2024. Average financial occupancy dropped marginally to 95% for the period, due to ongoing asset enhancement initiative (AEI) works in Malaysia. 

The group’s PBSA 9MFY2024 revenue rose by 20% y-o-y to $42.1 million, due to improved financial occupancy and positive rental rate revisions across its PBSA assets in the UK and Australia. 

As at Sept 30, Centurion has nine PBWA including five operating purpose built dormitories and four quick build dormitories, comprising a total of 34,786 beds in SIngapore. In Malaysia, the group’s PBWA portfolio bed capacity stood at 27,373 beds as at Sept 30. 

For the same period, Centurion's PBSA assets in Australia, the UK and the US had a portfolio of 897 beds, 2,786 beds, and 663 beds, respectively. 

On Sept 6, the group entered into an exclusive cooperation framework agreement with Xiamen City Home Apartment and established two joint ventures for build-to-rent (BTR) projects in Xiamen. 

Kong Chee Min,  CEO of Centurion Corporation Ou8, says: "Our resilient performance reflects the strength of our portfolio and effective capital management. Our strategic expansion into China, along with our ongoing asset enhancement initiatives and development pipeline, position us well for sustained growth.” 

She adds: “We remain committed to optimizing returns through our asset-light approach and strategic partnerships. While market fundamentals remain robust across our key markets, our priority is enhancing operational efficiency and unlocking value from our assets to deliver sustainable returns for our shareholders".

Shares in Centurion closed 1 cent lower, or down 1.08%, at 91.5 cents on Nov 13.