Centurion H1 profit falls 36% on $32.8m property fair‑value loss

The decline came despite a 31% revenue increase.

Centurion Corporation’s reported net profit after tax fell 36% to $53.1m in the first half of 2026, mainly due to a $32.8m net fair-value loss on investment properties.

The fair-value loss included $19.1m in stamp duties paid by CAREIT for its acquisition of EPIISOD Macquarie Park in Sydney.

Excluding such items, net profit from core business operations increased 34% to $87.7m.

However, core operating profit attributable to equity holders declined 16% to $48.8m following CAREIT’s listing and distribution in specie, which increased the share allocated to non-controlling interests.

Revenue rose 31% to $184.9m, supported by additional accommodation capacity in Singapore, Malaysia and Australia.

Gross profit increased 34% to $146m, whilst gross profit margin improved by 1.8 percentage points to 79%.

Growth was driven by the consolidation of Westlite Mandai, newly operational beds in Singapore, contributions from the Harum Megah portfolio in Malaysia and the opening of EPIISOD Macquarie Park.

Revenue from Centurion’s purpose-built worker accommodation segment increased 32% to $143.1m.

In Singapore, worker-accommodation revenue rose 31% to $129.8m, supported by Westlite Mandai and 5,460 new beds at Westlite Toh Guan and Westlite Mandai.

Average occupancy in Singapore declined to 94% from 99% as the newly added beds ramped up. Centurion expects occupancy to improve during the second half.

Purpose-built student accommodation revenue grew 31% to $40.6m, with average occupancy remaining at 97%. Revenue from the Australian student-accommodation business more than doubled to $16.5m.

Centurion expects second-half revenue of approximately $190m, representing projected growth of about 22% from the previous year.

The board declared an interim dividend of two cents per share, unchanged from a year earlier.