Centurion Corporation expects at least 250% increase in H1 net profit

MAINBOARD-LISTED Centurion Corporation said on Monday (Aug 1) that it is expecting a "substantial increase" in net profit for the half year ended Jun 30, 2022.

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 H1 2022 “by not less than 250 per cent.” This is as compared to a net profit of S$17.2 million for the year-ago period, it added.

The guidance is based on preliminary assessment of the group’s unaudited consolidated management accounts for H1 2022.

The increase in net profit is primarily attributable to the recovery in the group’s operating performance, Centurion said.

The group noted a net fair value gain in H1 2022 as compared with a net fair value loss of approximately S$14.5 million in H1 2021, in relation to its investment properties.

It added that the gain was also mainly due to revenue contributions from the group’s newly expanded portfolio of purpose-built workers accommodation (PBWA) and accommodation related business, as well as a “robust” recovery in occupancy rates in its portfolio of PBWA and purpose-built student accommodation across Singapore, the United Kingdom and Australia.

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The group's unaudited financial results for H1 2022 are expected to be released on the SGX website on Aug 11.

Centurion shares closed at S$0.375 on Monday, down S$0.005 or 1.32 per cent before the announcement.