- Centurion reported strong 2023 results with higher occupancy rates and positive rental reversions across all its geographies and asset classes.
- Free cash flow generation remains strong, and with gearing at 0.38x and some capital recycling of its assets, Centurion has a decent war chest for its organic and inorganic ambitions. Stock liquidity remains an issue.
- - Read this at SGinvestors.io -
Strong operational results boosted by one-off valuation gains.
- Centurion (SGX:OU8) reported a 114% y-o-y increase in PATMI to S$153m aided by a valuation gain of S$79m on its investment properties. However we note that even stripping this out, the company's operational results were strong with revenue rising by 15% y-o-y and core net profit (excluding one-off gains) up 20% y-o-y to S$84m.
- - Read this at SGinvestors.io -
A more solid balance sheet heading into 2024.
- With S$78m in free cash flow generated in 2023, Centurion ended the year with a healthy S$75m in cash and net debt/equity of 38% vs 43% at end-22. The company has an average long-term debt maturity profile of six years.
Dividends normalising back to higher levels.
- Read more at SGinvestors.io.
