Centurion Corp has reported revenue of $61.1 million for 1QFY2024, up 30% over the year-earlier quarter.
Revenue from both its workers' accommodation and student accommodation segments, grew, thanks to higher rental and occupancies.
With higher demand, Singapore, the home market, generated revenue of $41.6 million, up from $30.5 million, according to the company in its 1QFY2024 business update.
In Malaysia, Centurion added more beds. However, due to the weaker ringgit versus the reporting currency Singdollar, revenue dipped from $4.9 million in the year-earlier to $4.8 million. Nonetheless, in local currency, revenue from Malaysia was up 5% y-o-y.
For its student accommodation segment, both key markets, UK and Australia, reported better numbers.
"We continue to see sustained demand and healthy rental revisions in our student and worker accommodation across the markets where Centurion operates," says CEO Kong Chee Min.
See also: Marco Polo Marine reports lower 2HFY2024 earnings of $10.7 mil, down 42% y-o-y
"We will continue to enhance our portfolio and explore opportunities for growth in existing and new markets," he adds.
With an eye on the ongoing macroeconomic conditions, Centurion will stay prudent and improve its operational efficiencies, says Kong.
Centurion shares closed at 50 cents on May 9, up 2.06% for the day, and up 20.73% year to date.
