Centurion Corporation expects at least 200% increase in FY21 net profit

MAINBOARD-LISTED Centurion Corporation said on Friday (Feb 18) that it is expecting a "substantial increase" in net profit for the full year ended Dec 31, 2021.

In a bourse filing, Centurion said: "The group is expected to record a substantial increase in the net profit attributable to equity holders of the company for FY2021 by not less than 200 per cent as compared to a net profit attributable to equity holders of the company of approximately S$17.2 million for the corresponding period in 2020."

The guidance is based on preliminary assessment of its unaudited consolidated management accounts for FY2021.

The increase in profitability is primarily attributable to improvement in operating performance, Centurion said.

This comes from an expansion of the group's portfolio of purpose-built workers accommodation in Singapore and Malaysia from the fourth quarter of 2020, and the steady recovery of occupancy of the group's purpose-built student accommodation assets in the United Kingdom.

It added that there was a lower fair-valuation loss of around S$3.1 million in FY2021 as compared to a fair-valuation loss of around S$27.6 million in FY2020 in relation to the group's investment properties.

The group's unaudited financial results for FY2021 are expected to be released on the SGX website on Feb 24.

Centurion shares closed unchanged at S$0.335 on Friday, before the announcement.