Slide 1: FY 2024 Results Presentation
Centurion Corporation Limited (Incorporated in the Republic of Singapore with limited liability) (Co. Reg. No.: 198401088W) FY 2024 Results Presentation 27 Feb 2025
Slide 2: Disclaimer
DISCLAIMER This Presentation should be read in conjunction with the Company’s 2H 2024 Unaudited Financial Statement Announcement for the year ended 31 December 2024. This presentation and the accompanying presentation materials (if any) ("Presentation") are made for informational purposes, without r
Slide 3: Contents
CONTENTS 01 Corporate overview 02 Financial Review 03 Business Outlook 04 ESG Update 05 Growth Ahead 3 Centurion Corporation Limited
Slide 4: Business Overview
Business Overview Centurion
Slide 5: Company Overview
Company Overview Centurion owns, develops, and manages Living Sector assets across six countries globally. The largest Purpose-Built Workers Accommodation (“PBWA”) provider with 19 operating assets in Singapore, Malaysia and HK China A thriving Purpose-Built Student Accommodation (“PBSA”) busine
Slide 6: Accommodation Growth Portfolio
Accommodation Growth Portfolio 1,086 beds were added to the portfolio in FY 2023. Net bed capacity growthPortfolio Accommodation in FY 2024 was c.2,552 beds. - Bed Capacity 90,000 80,000 6,057 1,500 70,000 6,396 400 5,233 4,501 5,218 6,080 3,208 5,348 6,433 60,000 5,608 No. of beds 50,000 2,672 40,0
Slide 7: Diversified Business Portfolio across Geography and Asset Type
Diversified Business Portfolio across Geography and Asset Type# United Kingdom Xiamen, China 2,786 beds c.400 beds** United States 663 beds HKSAR, China c.539 beds c.155 beds S$2.5b Malaysia c.28,053 beds Singapore Assets Under Management^ c.36,436 beds c.69,929 Australia 897 beds* operational beds
Slide 8: Robust Financial Growth of Accommodation Business
Robust Financial Growth of Accommodation Business Through-cycle growth in earnings showcases resilient nature of the Group’s accommodation business Accommodation - Revenue (S#039;000) CAGR: 26% 300,000 252,794 Strong topline performance 250,000 206,584 • Strong Year-On-Year 200,000 +18% YoY performance
Slide 9: Share Value Growth (past 5 years)
Share Value Growth (past 5 years) Earnings Per Share (Core Business) +40% YoY Strong Earnings Growth 14 CAGR: 25% 11.81 12 • Earnings per Share grew 40% YoY 10 8.23 from 2H2023 to 2H2024 8 6.79 6.04 6 4.91 5.53 • Increasing returns to stakeholders 4.30 with CAGR of 25% from 2020 to 4 2024 2 0 2020 2
Slide 10: Financial Review
Financial Review [enturion
Slide 11: FY 2024 Key Performance Highlights
FY 2024 Key Performance Highlights Revenue NPAT S$253.6m S$382.6m 22% from S$207.2m in FY 2023 118% from S$175.9m in FY 2023 Positive rental revisions across all PBWAs and Higher revenues across the PBWAs and PBSAs PBSAs Higher net fair value gain on the Group’s investment Strong occupancies
Slide 12: Portfolio Capacity and Revenues by Asset Class and Country
Portfolio Capacity and Revenues by Asset Class and Country PBWA PBSA 65,028 4,501 93% 6% # Beds as at 31 HK SAR, China BTR HK SAR, China Australia December 400 539 2024 155 897 1% 1% 3% 20% Malaysia US 28,053 Singapore 663 43% 36,436 15% 56% UK 2,786 PBWA PBSA 62% $194.6m $58.2m 77% 23% Revenue for
Slide 13: Financial Overview
Financial Overview S#039;000 2H 2024 2H 2023 Change % FY 2024 FY 2023 Change % Revenue 129,203 109,322 p 18% 253,616 207,245 p 22% Gross Profit 101,473 79,640 p 27% 195,620 150,029 p 30% Gross Profit Margin 79% 73% p 6pp 77% 72% p 5pp Net Profit 254,944 133,520 p 91% 382,636 175,913 p 118% Net Profit f
Slide 14: Segment Performance (2H)
Segment Performance Accommodation Business Results in 2H 2024 Accommodation S$’000 Workers Student 2H 2024 2H 2023 Change 2H 2024 2H 2023 Change Revenue 100,322 83,369 20% 28,457 25,618 11% Segment Profit 67,971 52,377 30% 14,005 10,550 33% Segment Margin 68% 63% 5pp 49% 41% 8pp 14 Centurion Corpora
Slide 15: Segment Performance (FY)
Segment Performance Accommodation Business Results in FY 2024 Accommodation S$’000 Workers Student FY 2024 FY 2023 Change FY 2024 FY 2023 Change Revenue 194,574 156,707 24% 58,220 49,877 17% Segment Profit 130,418 98,516 32% 29,017 21,528 35% Segment Margin 67% 63% 4pp 50% 43% 7pp Centurion Corporat
Slide 16: Balance Sheet Highlights
Balance Sheet Highlights S#039;000 31 Dec 2024 31 Dec 2023 Change % Cash & Bank Balances 88,970 74,717 p 19% Current Assets 112,737 163,778 q -31% Non Current Assets 2,081,963 1,561,314 p 33% Total Assets 2,194,700 1,725,092 p 27% Current Liabilities 176,131 173,894 p 1% Non Current Liabilities 783,458
Slide 17: Key Ratios
Key Ratios S#039;000 31 Dec 2024 31 Dec 2023 Earnings Per Share 41.01 18.21¢ Earnings Per Share From core business operations 1 11.81 8.23¢ NAV Per Share S$1.37 S$0.98 Share Price 96.0¢2 40.5¢3 Dividend 3.5¢4 2.5¢ Market Capitalisation S$807m3 S$341m2 Notes: 1. Excluding fair value adjustments and one-
Slide 18: Business Outlook: Purpose Built Workers Accommodation
Business Outlook Purpose Built Workers Accommodation
Slide 19: Workers Accommodation Portfolio – Singapore
Workers Accommodation Portfolio – Singapore 6 operating Purpose Built Dormitories (PBD) assets with capacity of c.29,180 beds 4,100 4 operating Quick Build Dormitories (QBD) assets with capacity of c.7,256 beds Beds Total capacity: c.36,436 beds 30yrs wef 1,300 2013 Beds Westlite Woodlands 3+1+2.3 y
Slide 20: Workers Accommodation Landscape – Singapore Demand and Supply
Workers Accommodation Landscape - Singapore c.443k (as at Jun 2024#) Work Permit Holders from Construction, Marine Shipyard, Process sectors who require approved dormitory beds (vs 441k as at Dec 2023) Additionally, c.400k W-pass in non-CMP sectors (excluding MDW, as at Jun 2024) Demand Workers from
Slide 21: Workers Accommodation Outlook – Singapore
Workers Accommodation Outlook – Singapore Singapore • Average financial occupancy of SG PBWAs was 99% for FY 2024 as compared to 98% in FY 2023 o demand and supply dynamics for PBWAs continue to be positive. 1,2 o the Building and Construction Authority (“BCA”) forecasts up to $53 billion in constru
Slide 22: Workers Accommodation Portfolio – Malaysia
Workers Accommodation Portfolio – Malaysia 8 operating assets with capacity of c.28,053 beds 5,790 3,321 Beds Beds 15 yrs 15 yrs wef wef 2024 2024 Penang Westlite Bukit Minyak Westlite Tampoi 6,044 Beds 1,776 176 21+ 9yrs wef Beds + Beds 2020 99yrs 6 + 3yrs Westlite – PKNS Petaling Jaya Selangor wef
Slide 23: Workers Accommodation Outlook – Malaysia
Workers Accommodation Outlook – Malaysia Malaysia • Average financial occupancy declined to 91% in FY 2024 as compared to 93% in FY 2023 o excluding unavailable beds due to an AEI and beds newly-added from an AEI o demand by employers for quality PBWA beds (or CLQs) remains strong, with continued en
Slide 24: Workers Accommodation Customer Base
Workers Accommodation Diversified, stable customer base • more than 2,079 customers in Singapore and Malaysia • serves companies from diverse industries • ability to cater to multiple industries insulate the Group • less affected by economic fluctuations or government policies affecting any one indu
Slide 25: Workers Accommodation Portfolio – HK SAR, China
Workers Accommodation Portfolio – HK SAR, China 1 asset with capacity of c.539 beds 539 550 Beds Beds Sheung Shui 5.9yrs + 5yrs wef Jul 2024 Westlite Sheung Shui * Master Lease secured in Jul 2024 by Centurion-Lionrock (HK) Limited, an indirect 60%-owned subsidiary of the Company. Centurion Corporat
Slide 26: Workers Accommodation Outlook – HK SAR, China
Workers Accommodation Outlook – HK SAR, China Hong Kong SAR, China • Centurion expanded into the China PBWA market with a master lease asset secured in July 2024 o Westlite Sheung Shui with c.539 beds will accommodate foreign workers in multiple sectors, including food & beverage (F&B) and service s
Slide 27: Business Outlook: Purpose Built Student Accommodation
Business Outlook Purpose Built Student Accommodation
Slide 28: PBSA: Healthy and Supportive Industry Fundamentals
PBSA : Healthy and Supportive Industry Fundamentals • Resilient in-demand asset class with positive demand-supply dynamics Investment appetite for student housing on the rise o strong global investments in student housing, estimated at more than £3.5 billion in UK alone, annual investment rose 14%
Slide 29: Student Accommodation Portfolio – UK
Student Accommodation Portfolio – UK 10 operating assets with a total capacity of c.2,786 beds Presence in five major cities with well known universities 982 362 Beds Beds 181 Beds Freehold Freehold 125yrs wef1995 dwell MSV dwell MSV South dwell Garth Heads 145 140 Beds Beds 133 Beds 125yrs Free
Slide 30: Student Accommodation Outlook – UK
Student Accommodation Outlook – UK UK • Average financial occupancy increased to 98% in FY 2024, as compared to 93% in FY 2023 o demand and supply imbalance driving high financial occupancy and healthy rental revisions • Revenue grew 20% to S$40.2 million in FY 2024 from S$33.4 million in FY 2023 •
Slide 31: Student Accommodation Portfolio – Australia
Student Accommodation Portfolio – Australia 2 operating assets in Australia with a capacity of c.897 beds 300 Beds Freehold dwell East End Adelaide Adelaide Melbourne 597 Beds Freehold dwell Village Melbourne City* * Redevelopment of dwell Village Melbourne City carpark into new PBSA block of c.60
Slide 32: Student Accommodation – Australia
Student Accommodation – Australia Australia • Average financial occupancy increased to 96% in FY 2024, up from 88% in FY 2023 o occupancies are expected to remain resilient, supported by the ongoing shortage for beds o visa pressures continue to dampen interest from international students, the Group
Slide 33: Student Accommodation Portfolio – US, HK SAR, China
Student Accommodation Portfolio – US, HK SAR, China 3 operating assets in US with a capacity of c.663 beds 2 assets with capacity of c.155 beds in HKSAR, China United States* Hong Kong SAR, China** 226 Beds 206 231 Freehold Beds Beds dwell The Statesider Freehold Freehold 89 Beds dwell College &
Slide 34: Student Accommodation – US, HK SAR, China
Student Accommodation – US, HK SAR, China United States • Centurion US Student Housing Fund portfolio assets continue to deliver healthy and stable occupancy o the Fund reached term in Nov 2024 o dwell Tenn Street was sold in 2Q 2023, including Logan Square and Stadium View in 2Q 2024 Hong Kong SAR,
Slide 35: Business Outlook: Build-to-Rent Accommodation
Business Outlook (Entry to New Segment) Build-to-Rent Accommodation
Slide 36: BTR Accommodation Portfolio – China
BTR Accommodation Portfolio – China 2 BTR projects in Xiamen, China with a combined capacity of c.1,500 apartments China 550 Beds 1,000 Apartments Centurion Cityhome Gaolin* Xiamen 550 Beds 500 Apartments Centurion Cityhome Lingxia** * c. 400 out of c.1000 apartments have been secured under master
Slide 37: BTR Accommodation Outlook – China
BTR Accommodation Outlook – China Xiamen, China • The expansion aligns with China's regulatory push to increase bank financing for rental housing projects, supporting the growth of affordable and commercial rental supply across major cities1 • Centurion Group entered into a cooperation framework agr
Slide 38: ESG Update
ESG Update enturion
Slide 39: ESG Oversight & Monitoring
ESG Oversight & Monitoring Robust governance structure with well-defined roles and responsibilities for success Governance Structure Board of Directors Responsible for Centurion’s overall sustainability agenda, strategic direction and long-term roadmap etc. Oversight by the Audit Committee Sustainab
Slide 40: ESG Goals & Global Commitments
ESG Goals & Global Commitments Signing of Net Zero Carbon Buildings Commitment by the World Green Building Council (WorldGBC) Commit Act Advocate Reduce and compensate (when Develop: Decarbonisation Advocate for emission necessary) operational roadmap to set milestones and reductions by engaging key
Slide 41: Environmental Initiatives – Carbon Neutrality, Green Certification
Environmental Initiatives – Carbon Neutrality, Green Certification Plans to achieve carbon neutrality or enhance carbon friendliness across all assets. Our initiatives are centred around reducing carbon footprint stemming from electricity consumption, water usage, and waste generation across our p
Slide 42: Social Responsibility and Impact – Residents & Communities
Social Responsibility and Impact – Residents & Communities Caring for our Residents and the Community • Concern for the physical, social and mental wellness of our resident communities o Dwell Resi-life programme : enhancing student residents' integration, living experience and wellbeing o Westlit
Slide 43: Social Initiatives
Social Initiatives Caring for our Residents in 2024 Activities for Residents PBWA Activities Residents who Benefited 1,132 168,843 Total Activities 1,926 PBSA Activities Residents who Benefited 794 25,092 Centurion Corporation Limited 43
Slide 44: Social Initiatives
Social Initiatives Target : to increase resident participation rate by 10% in FY 2025 2,100 250,000 7% 1,800 200,000 32% 1,500 150,000 1,200 900 100,000 600 50,000 300 0 0 Resident Activities Resident Participation FY 2023 FY 2024 FY 2023 FY 2024 Centurion Corporation Limited 44
Slide 45: Robust Governance Policies and Practices in Place
Robust Governance Policies and Practices in Place Centurion Actions and Achievements Upholding Integrity Commitment Ethical Conduct and Compliance Most Transparent Company Corporate Governance Zero Violations of the Award Pledge Competition Act and CCCS (Real Estate) - 2023 Annual pledge: SIAS’s Cor
Slide 46: Looking Ahead
ing Ahead Look enturion
Slide 47: Growth Strategy
Growth Strategy Strategic focus for growth of living sector business in a prudent manner Enhance project returns through selective Asset Enhancement Organic Initiatives across existing portfolio assets Growth Expand revenue streams from provision of living sector accommodation management service
Slide 48: Portfolio Growth and Enhancements
Portfolio Growth and Enhancements PBWA Singapore New PBD Westlite Ubi with c.1,650 beds operational in Dec 2024 Redevelopment of Westlite Toh Guan and Westlite Mandai commenced, to add c.1,764 and c.3,696 with expected completion in 2025 and 2026 respectively Malaysia AEIs planned at Westlite
Slide 49: Looking Ahead
Looking Ahead Managing Operating Performance Seeking Synergistic Growth • The Group continues to deliver high occupancies with healthy • The Group continues to seek opportunities to rental revisions. Positive demand-supply dynamics are enlarge its portfolio of Assets Under expected to maintain acros
Slide 50: Thank You
Thank You For any enquiries, please contact: Head, Corporate Communications Mr. David Phey david.phey@centurioncorp.com.sg Tel: +65 9182 7171 W: www.centurioncorp.com.sg