Centurion reports 2021 net profit more than tripled

Singapore two-dollar bills

Centurion reported Thursday its 2021 net profit jumped 207 percent on-year to S$52.68 million on expansion of the worker accommodation portfolio and occupancy recovery in student accommodation.

Improvements in the fair valuation of the U.K. PBSA portfolio also boosted net profit, Centurion said. 

Revenue for the 12 months ended 31 December increased 11 percent on-year to S$143.02 million, the accommodation manager said in a filing to SGX. 

The revenue increase was on an expansion of purpose-built workers accommodation (PBWA) portfolio capacity in Singapore and Malaysia since end-2020 and a steady recovery in occupancies in the purpose-built student accommodation (PBSA) assets in the United Kingdom, Centurion said. 

Net profit for 2021 excluding the impact of fair valuation increased 13 percent on-year to S$46.5 million, the filing said. 

Centurion recommended a final dividend of 0.5 Singapore cent, compared with no final dividend in 2020. 

Outlook

Centurion’s outlook was cautiously optimistic. 

“We delivered better results in FY 2021 with the gradual recovery in several markets, but challenges remain as the markets transition to living with an endemic Covid-19,” Kong Chee Min, CEO of Centurion, said in the statement.