Under local requirements, work permit holders employed in the construction, marine and process sectors must be housed in approved dormitories. For Centurion, this is an addressable market of some 443,000 workers.
Due to increased rental and occupancy rates at its dormitories, Centurion Corporation (SGX:OU8
) ’s revenue for the financial year ended Dec 31, 2024, rose by 22% y-o-y to $253.6 million. Boosted by fair value gains, earnings surged 125% y-o-y to $344.8 million. If this item was excluded, net profit attributed to equity holders rose by 43% y-o-y to $99.3 million. Centurion plans to pay a final dividend of 2 cents per share, bringing the FY2024 total to 3.5 cents versus 2.5 cents in FY2023.
With a bigger volume of construction projects, Centurion expects the demand-supply dynamics of its so-called purpose-built workers’ accommodation to be “very positive”. The government projects total construction demand for 2025 to range between $47 billion and $53 billion, up from $44.2 billion in 2024 and $33.8 billion in 2023.
