At Centurion’s results briefing on Feb 29, CEO Kong Chee Min attributed the results to “very strong occupancies” and “very strong rental rate revisions across all the markets where we operate”. “We’ve done very well. I would say it was a solid performance for FY2023. And that starts from efforts we’ve made throughout the year to enhance our portfolio,” says Kong.
Centurion Corporation is seeing a surge in demand for worker dormitories as construction activity strongly resumes, now that the pandemic is a distant memory.
In FY2023 ended Dec 31, 2023, Centurion reported earnings of $153.1 million from $71.4 million in FY2022, led by higher net fair value gains of $84.8 million from its assets. FY2023 core earnings also rose 21% y-o-y to $69.2 million, excluding fair value adjustments and one-off items.
