Centurion H1 net profit drops 64% to S$26.5 million

[SINGAPORE] Centurion Corporation reported a 64 per cent drop in net profit for its first half ended Jun 30, falling to S$26.5 million from S$73.9 million in the corresponding year-ago period.

This comes on the back of higher net fair value losses on investment properties and a share of losses from associated companies, the group’s regulatory filing on Wednesday (Aug 12) noted.

Revenue for the half year grew 31 per cent to S$184.9 million, up from S$140.7 million previously.

However, net fair value loss on investment properties widened to S$32.8 million for H1, compared with a net fair value loss of S$3.5 million in the year-ago period. This included S$19.1 million in stamp duties paid for the acquisition of Macquarie Park by Centurion Accommodation Real Estate Investment Trust (CAReit).

Centurion also recorded a S$4.2 million share of losses from associated companies in H1 2026, compared with a S$27.8 million share of profit in H1 2025.

This was largely due to finance costs incurred by an associated company from the prepayment of a loan following the sale of Macquarie Park to CAReit, as well as losses from the divestment of two assets held under its US Fund.

The year-ago figure included S$28.4 million in profit from purpose-built worker accommodation asset Westlite Mandai, which was then an associate but became a Centurion subsidiary in September 2025.

Excluding fair value adjustments, profit from core business operations attributable to equity holders fell 16 per cent to S$48.8 million from S$57.8 million in the year-ago period, due to higher non-controlling interests following the spin-off of CAReit.

Top-line growth was supported by contributions from Westlite Mandai following its consolidation, new operational beds in Singapore and Malaysia, and the commencement of operations at EPIISOD Macquarie Park in Australia in January 2026.

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Revenue from the purpose-built worker accommodation segment in H1 grew 32 per cent year on year to S$143.1 million, from S$108.6 million a year ago.

Student accommodation revenue increased 31 per cent to S$40.6 million in H1, as contributions from Australia more than doubled to S$16.5 million.

Earnings per share for H1 stood at S$0.0315 a share, down from S$0.0879 a share a year earlier.

The board declared an interim dividend of S$0.02 a share for H1 2026, unchanged from a year ago. The dividend will be paid on Sep 30.

Centurion expects revenue for H2 to reach approximately S$190 million, reflecting a year-on-year growth rate of around 22 per cent.

Centurion CEO Kong Chee Min said: “We remain focused on growing our revenue streams across multiple platforms, advancing our development pipeline, and recycling capital by developing and stabilising assets for potential injection into CAReit.”

Shares of Centurion ended flat at S$1.70 prior to the news on Wednesday.