Centuria Capital Group (ASX: $CNI) HY24 Financial Results Overview

Centuria Capital Group (ASX: $CNI) has released its HY24 financial results, reporting an operating profit after tax of $49.4 million and operating earnings per security (OEPS) of 6.1 cents. The group reaffirmed its FY24 guidance with OEPS expected to be in the range of 11.5-12.0 cents per security and distribution per security (DPS) of 10.0 cents. The group's total assets under management (AUM) reached $21.1 billion, reflecting strong growth across alternative sectors and a $500 million industrial mandate bolstering the institutional AUM. The group also expanded its $2.3 billion development pipeline by $1 billion of new future projects.

Executive Commentary on HY24 Financial Results

Centuria's Joint CEO, John McBain, expressed pride in the group's diversity and its ability to forecast reliable earnings to securityholders. He highlighted the expansion into financing and agriculture sectors as a major factor contributing to the group's resilience in the face of recent disruptions in the financial markets. Jason Huljich, Centuria's Joint CEO, emphasized the group's harnessing of tailwinds from the outperforming industrial real estate sector and the strong growth in alternative real estate markets, foreseeing continued expansion in these sectors driven by constrained lending criteria and Australia's increasing population.

Summary of Centuria Capital Group's HY24 Financial Results and Outlook

Centuria Capital Group's HY24 financial results showcased a robust performance with an operating profit after tax of $49.4 million and operating earnings per security (OEPS) of 6.1 cents. The group reaffirmed its FY24 guidance, expecting OEPS to be in the range of 11.5-12.0 cents per security and distribution per security (DPS) of 10.0 cents. With total assets under management (AUM) reaching $21.1 billion, the group demonstrated strong growth across alternative sectors and expanded its development pipeline by $1 billion of new future projects. Centuria's focus on sustainability and its ranking in the Top 10 AFR Best Places to Work in Australia and New Zealand 2023 reflect its commitment to responsible business practices. Looking ahead, the group remains focused on creating long-term value for its securityholders, leveraging its substantial cash and undrawn debt to support the continued growth of its business units.