In an ASX listing on Wednesday, Centuria reported total operating revenue of $139.4 million in the first half of 2022, up 26 per cent on the result recorded in the previous first half.
Operating profit after tax surged 73 per cent to $58.7 million.
Centuria delivered operating earnings per security of 7.4 cents and declared a distribution of 5.5 cents per security for the period.
Operating recurring revenues of 87 per cent remained in line as a percentage of total revenues, while management fees of $64.7 million bolstered recurring revenues.
Transaction fee income of $24.4 million was up 400 per cent on HY21, resulting from $3.5 billion of total transaction activity.
“It has been particularly pleasing to witness the consolidation of revenue streams from recently acquired business units in combination with a very strong contribution from organic property fund acquisitions, both listed and unlisted,” said joint CEO, John McBain.
“Centuria’s unlisted retail investors have continued to invest strongly, and we have been active in placing new assets with our institutional mandate partners, making HY22 a very successful period.
“The ability to upgrade our earnings guidance stems from the level of HY22 activity and our confidence in the group’s ability to maintain its growth momentum,” Mr McBain added.
Centuria’s assets under management (AUM) reached $20.2 billion at the end of last year, 16 per cent higher than the end of the prior year.
The firm organically grew the real estate funds management platform 17 per cent to $19.3 billion. Unlisted AUM increased 15 per cent to $12.6 billion and listed AUM increased 22 per cent to $6.7 billion.
Moving forward, Centuria plans to focus on maintaining its position by homing in on the property sector via equity and debt funds across defined asset classes.
“We will continue to capitalise on a range of growth levers across the platform and remain committed to generating long-term income and potential performance fees for our fund investors and CNI securityholders,” concluded Mr McBain.
Maja Garaca Djurdjevic
Maja's career in journalism spans well over a decade across finance, business and politics. Now an experienced editor and reporter across all elements of the financial services sector, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies.
