Centurion Corporation has reported earnings of $114.8 million for the FY2025 ended Dec 31, 2025, 67% lower y-o-y. The decline was attributed mainly to a lower fair value gain of $22.9 million on investment properties compared to the exceptional fair value gain of $219.1 million in FY2024. The lower bottomline was also partly due to the $50.8 million incurred from the spin-off initial public offering (IPO) of Centurion Accommodation REIT (CAREIT) last year
Net profit after tax from core business operations rose by 26% y-o-y to $139.2 million, while attributable net profit from core business operations increased by 9% y-o-y to $108.6 million.
FY2025 revenue rose by 17% y-o-y to $295.9 million due mainly by sustained high financial occupancy rates in Singapore and the UK, as well as positive rental revisions across the group’s purpose-built worker accommodation (PBWA) and purpose-built student accommodation (PBSA) segments.
Overall gross profit grew by 16% y-o-y to $227 million, in line with the revenue increase, although gross profit margin fell by 0.4 percentage points y-o-y to 76.7%.
The financial occupancy rate for Centurion’s Singapore PBWA business, which comprises six purpose-built dormitories (PBDs) and four quick build dormitories (QBDs), remained high at 99% in FY2025. Revenue for its Singapore PBWAs rose by 21% y-o-y to $212.3 million due to positive rental rate revisions and the additions of Westlite Ubi and Westlite Mandai.
In Malaysia, Centurion’s average financial occupancy declined to 79% from 91% in FY2024, partly due to the implementation of the foreign worker quota caps by the government. The figure excludes unavailable beds due to asset enhancement initiatives (AEIs) and new beds added. The lower occupancy rate was offset by positive rental rate revisions and revenue contributions from the Harum Megah portfolio, which was acquired in September 2025. Revenue for Centurion’s Malaysian business stood at $20.8 million, 8% higher y-o-y.
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Westlite Sheung Shui in Hong Kong achieved a financial occupancy of 62% for 4QFY2025, up from 32% reported in 9MFY2025. The group expects occupancy to grow progressively.
In the UK, revenue for Centurion’s 10 PBSA assets grew by 6% y-o-y to $42.5 million thanks to the high financial occupancy of 98% and positive rental rate revisions.
Revenue for Centurion’s Australian business, comprising two PBSA assets, fell by 7% y-o-y to $15.7 million as its financial occupancy rate fell to 93% from 96%. The lower rate was attributed to the stricter student visa requirements, which resulted in international students arriving later. The decline was also due to AEIs at Dwell Village Melbourne City. That said, the group expects demand to remain resilient given the undersupplied PBSA market in the country. In August 2025, the Australian government also announced 295,000 places for international students in 2026, 9% higher than the 2025 limit.
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In Hong Kong, Centurion’s two PBSA assets achieved an average financial occupancy of 98% in 4Q2025, up from 45% in 9MFY2025.
For the period, the board has recommended a final dividend of 2 cents per share, bringing Centurion’s total dividend for the year to 4 cents per share, up from FY2024’s total of 3.5 cents per share. This year, the group will also have a special distribution in specie of one CAREIT unit for every 10 Centurion shares.
“The group continues to build strong growth momentum, supported by robust occupancies and positive rental revisions across our core operating markets, and an active expansion pipeline which will enlarge our revenue-generating capacities through 2026 to 2028,” says CEO Kong Chee Min.
He adds that the group is “well-positioned” to pursue new opportunities at scale following the spin-off of CAREIT.
“Our focus remains on expanding strategically across new geographies and segments while maintaining operational discipline and capital efficiency. This balanced approach positions us well to capture emerging opportunities as we deliver sustainable, long-term value for our shareholders,” Kong concludes.
Shares in Centurion closed 3 cents higher or 1.92% up at $1.59 on Feb 26.
