Centuria Capital Posts 2.5% Revenue Rise but Securityholder Profit Falls 19%
Centuria Capital Group reported a modest revenue increase and higher operating profits for FY25, yet securityholder returns declined notably. The final dividend was declared amid stable net asset values.
- Revenue up 2.5% to $355.4 million
- Operating profit after tax rises 6.5% to $100.8 million
- Profit attributable to securityholders falls 19% to $82.7 million
- Final dividend declared at 0.80 cents per share
- Net tangible assets per security slightly decrease to $0.49
Revenue and Operating Profit Growth
Centuria Capital Group has delivered a steady financial performance for the year ended 30 June 2025, with revenue from operating activities increasing by 2.5% to $355.4 million. Operating profit after tax also rose by 6.5%, reaching $100.8 million. These figures suggest that the core business operations remain robust despite a challenging economic backdrop for real estate investment trusts.
Decline in Profit Attributable to Securityholders
However, the headline profit attributable to Centuria’s securityholders tells a different story, falling 19% to $82.7 million. This divergence indicates that non-operating factors, such as fair value adjustments, impairments, or corporate transaction costs, have weighed on the bottom line. The company’s reporting notes that operating results exclude such items, which likely explains the gap between operating profit growth and securityholder returns.
Dividend and Distribution Details
In line with its results, Centuria declared a final dividend of 0.80 cents per share, payable on 19 August 2025. This follows interim dividends and distributions paid earlier in the year. Notably, the Distribution Reinvestment Plan was not offered for the final distribution, which may influence investor participation strategies. Net tangible assets per stapled security slightly decreased to $0.49 from $0.51, while net assets per security remained steady at $1.79, reflecting a stable asset base.
Strategic Movements and Outlook
During the period, Centuria gained control of an entity on 8 August 2024, signaling ongoing portfolio adjustments. The company’s associates include key property funds such as Allendale Square Fund and Centuria Diversified Property Fund, which continue to underpin its investment portfolio. The annual financial report accompanying this announcement was audited with an unqualified opinion, providing assurance on the integrity of the results.
While the results show operational resilience, the decline in profit attributable to securityholders raises questions about the impact of non-operating items and market conditions on investor returns. The company’s next steps will likely focus on navigating these challenges while maintaining dividend stability.
Bottom Line?
Centuria’s mixed results highlight operational strength but underline the need to watch non-operating impacts on securityholder returns.
Questions in the middle?
- What specific non-operating items contributed to the 19% drop in profit attributable to securityholders?
- How will the absence of a Distribution Reinvestment Plan for the final dividend affect investor demand?
- What strategic acquisitions or disposals are planned following the control gained in August 2024?
