[SINGAPORE] Shares of purpose-built accommodation operator Centurion advanced amid a surge in trading volumes on Wednesday (Mar 19) morning.
As at 11.54 am, the counter climbed 4.6 per cent or S$0.05 to S$1.14 – a 52-week high, after close to 1.7 million shares changed hands.
On Feb 26, the group reported a net profit of S$226.6 million for the six months ended Dec 31, 2024, a 97 per cent jump from S$114.8 million in the year-ago period.
This was attributed to a net fair-value gain of S$157.5 million in the second half.
Revenue for H2 stood at S$129.2 million, 18 per cent higher than the S$109.3 million in the year before.
For the full year, revenue jumped 22 per cent to S$253.6 million from S$207.2 million previously. Net profit stood at S$344.8 million, from S$153.1 million in 2023.
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This translated into earnings per share of S$0.4101, up from S$0.1821.
The group declared a final dividend of S$0.02 per share, up from S$0.015 in the previous year.
In January, Centurion said it is exploring the establishment of a real estate investment trust (Reit) comprising some of its workers and student accommodation assets.
If the plan materialises, the Reit will be listed on the mainboard of the Singapore Exchange.
Centurion noted in its results briefing in February that the proposed Reit will do “the heavy lifting” as the group focuses on becoming asset-light.
Its chief executive Kong Chee Min said that the group has been aiming to grow its assets under management for some time, but does not need to hold on to the properties.
While he did not divulge details on the Reit’s make-up, he noted that it will be of a “reasonable size”, and feature mainly “stabilised assets”.
