This is on the back of strong revenue contributions from both its PBWA and PBSA segments.

Centurion Corporation has reported earnings of $344.8 million for the FY2024 ended Dec 31, 2024, up 125% y-o-y. For the 2HFY2024, earnings came up to $226.6 million, up 97% y-o-y. 

For FY2024, group revenue grew 22% y-o-y to $253.6 million, largely due to strong revenue contributions from both the group’s Purpose-Built Workers Accommodation (PBWA) and Purpose-Built Student Accommodation (PBSA) segments.

In the PBWA segment, revenue increased 24% y-o-y to $194.6 million. The segment’s average financial occupancy decreased marginally to 94% in FY2024 largely due to a reduction in Malaysia’s average financial occupancy which has beds unavailable during asset enhancement initiatives (AEI) works. 

The group’s PBWA segment in Singapore achieved financial occupancy of 99%. Revenue from Malaysia dipped slightly due to weaker Malaysian ringgit in FY2024. When translated in local currency, revenue was similar to FY2023. 

The group’s PBSA segment grew 17% y-o-y overall, and overall financial occupancy rose to 97% in FY2024 from 92% in the previous reporting period. 

A strong student demand in the UK coupled with ongoing PBSA shortage led to a revenue growth in the group’s 10 assets increasing 20%. Financial occupancy grew to 98% from 93% previously. 

In Australia, revenue grew 20% and financial occupancy rose to 96%. Centurion says Visa pressures continue to dampen interest from international students, but enrollment rates remain healthy and bookings for February 2025 remain on track.

The group’s PBSA assets in Hong Kong and China, are building up occupancy with expectations for take-up to increase nearing the start of the academic year in 3Q2025.

Cash and bank balances increased by $14.3 million largely due to proceeds received from the disposal of Westlite Bukit Minyak and Westlite Tampoi to KWAP, Malaysia’s public sector pension fund. The group’s balance sheet stood at $89 million in cash and bank balances as at end Dec 2024. 

The group’s borrowings reduced to $657.4 million as at Dec 31, 2024, and net gearing ratio stood at 29%. 

Centurion is proposing a final dividend of 2 cents per ordinary share. 

Shares in Centurion closed 1 cent higher or 0.99% up at $1.02 on Feb 26.