Centurion Corporation reported core net profit of S$87.7 million for the six months ended Jun 30, 2026, a 34% year-on-year rise as the specialised-accommodation operator benefited from new bed capacity in Singapore, Malaysia and Australia.

Group revenue climbed 31% YoY to S$184.9 million. Core net profit attributable to equity holders came in at S$48.8 million, 16% lower YoY after the 2025 listing of Centurion Accommodation REIT (CAREIT) increased the share accruing to non-controlling interests. Reported net profit after tax, which includes fair-value movements, fell 36% to S$53.1 million following a S$32.8 million valuation loss on investment properties, partly reflecting stamp duties related to CAREIT’s acquisition of the EPIISOD Macquarie Park student residence in Sydney.

Earnings per share were not disclosed. The board declared an interim dividend of 2.0 Singapore cents per share, matching the payout for 1H 2025; the payment date was not specified.

Performance by segment showed Purpose-Built Worker Accommodation (PBWA) revenue up 32% YoY to S$143.1 million, supported by the consolidation of Westlite Mandai and 5,460 new beds at Westlite Toh Guan and Westlite Mandai. Average financial occupancy softened to 84% from 90% on ramp-up of the new capacity and lower Malaysian occupancy. In Singapore, PBWA revenue rose 31% to S$129.8 million with occupancy at 94%, while Malaysia contributed S$12.5 million, up 31% despite a lower 73% occupancy rate.

Purpose-Built Student Accommodation (PBSA) revenue increased 31% to S$40.6 million. UK properties generated S$23.2 million on 98% occupancy, while Australian PBSA turnover more than doubled to S$16.5 million, aided by the commencement of operations at the 732-bed EPIISOD Macquarie Park and stronger rental rates. The PBSA portfolio’s overall occupancy remained high at 97%.

The bottom line was weighed by the fair-value loss on investment properties, including S$19.1 million of stamp duty related to the Macquarie Park acquisition. Lower Malaysian worker-dorm occupancy and moderating UK rental reversions were additional drags.

Centurion is progressing a pipeline of about 9,770 additional beds slated for delivery between 2027 and 2029. Near-term projects include c.5,000 new PBWA beds in Singapore, expansion in Malaysia’s worker-housing market, and nearly 2,000 new PBSA beds across Melbourne and Perth. The group also completed its first key-worker accommodation purchase in Western Australia and is assessing further KWA and build-to-rent opportunities.

For 2H 2026 management guides to revenue of roughly S$190 million, implying a 22% YoY increase, underpinned by recently added beds, continued high UK and Australian occupancy and moderate rental growth. Portfolio capacity is projected to reach about 87,249 beds by 2027.

Chief executive Kong Chee Min said the first-half gains reflected contributions from new assets and bed additions, and he signalled a strategic focus on ramping up occupancy, expanding the development pipeline and recycling capital through future injections into CAREIT to sustain growth and shareholder value.