Centurion has reported revenue of $51.0 million for the 3QFY2023 ended Sept 30, 15% higher y-o-y. The company’s revenue for the 9MFY2023 rose by 10% y-o-y to $149.0 million.
The higher revenue was attributed to the continued increases in occupancies of its Singapore and Malaysia purpose-build workers accommodation (PBWA), Australia purpose-build student accommodation (PBSA) as well as improved rental rates across its Singapore, Malaysia, UK and Australia properties.
Revenue for Centurion’s workers accommodation rose 16% y-o-y to $40.1 million for the 3QFY2023 while student accommodation revenue rose by 15% y-o-y to $10.8 million. This was offset by others, which fell by 58% y-o-y to $165,000.
Centurion’s PBWA 9MFY2023 revenue rose by 12% y-o-y to $113.5 million due to upward rental revisions and near-full occupancies at its Singapore Westlite accommodations. Its PBWA in Malaysia also saw better occupancies and positive rental reversions.
The company’s PBSA 9MFY2023 revenue rose by 10% y-o-y to $35.0 million as bookings and financial occupancies across its PBSA assets in the UK and Australia continue to do well due to the return of international students in 2023.
As at Sept 30, Centurion has nine PBWA including five purpose-built dormitories (PBDs) comprising 27,530 beds and four quick-build dormitories (QBDs) comprising 7,256 beds in Singapore. In Malaysia, its PBWA portfolio bed capacity stood at 26,603 beds as at Sept 30.
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Centurion’s PBSA assets in Australia, the UK and the US had a portfolio of 5,218 beds as at Sept 30.
“Centurion’s growth has gained momentum in 2023, reflecting the resilience and sustainability of the Group’s PBWAs and PBSAs. As part of our ongoing strategic review, the group has also continued to enhance and expand its portfolio of assets under management in line with market dynamics, exercise prudent financial management, and be on the lookout for opportunities in new markets, such as the Middle East. To deliver sustainable long-term value to our stakeholders, the group will continue to strategically review our markets and assets, pursue asset enhancement initiatives to enhance our portfolio and augment revenue streams,” says Centurion’s CEO Kong Chee Min.
Shares in Centurion closed 1.5 cents higher or 3.95% up at 39.5 cents on Nov 9.
