Centuria Capital Group reports stable FY24 performance, forecasts growth for FY25

Centuria Capital Group (ASX: CNI) has announced its full-year results for FY2024, delivering on its guidance and highlighting growth in alternative real estate sectors.

Key points from the results include:

Delivered operating earnings per security (OEPS) of 11.7 cents, meeting FY24 guidance
Distribution of 10.0 cents per security, in line with guidance
Assets Under Management (AUM) stabilized at $21.1 billion
Significant growth in alternative sectors: Real estate finance up 46% to $1.9 billion. Agriculture fund grew 21% to $0.64 billion.
$1.15 billion raised across unlisted funds

John McBain, Centuria Joint CEO, said the company’s diversification into alternative real estate sectors has helped maintain AUM and stabilize earnings in a tight market.

“Centuria’s diversification into alternative real estate sectors not only offers investors a platform with unique points of difference but early investment into these sectors during the COVID period has enabled Centuria to maintain AUM in a tight market, stabilise earnings and confidently provide forecast growth for Group earnings and distributions into FY25,” McBain said.

The company also announced a 50% investment in ResetData, a new-generation data server provider, which is expected to contribute significantly to earnings from FY26.

Jason Huljich, Centuria Joint CEO, noted continued investor appetite for the company’s offerings despite challenging economic conditions.

“The Group’s new NZ agriculture and real estate finance offerings were fully subscribed, as were several Centuria Bass Australian debt products and the recent Halls Head Central fund, demonstrating continued wholesale investor appetite,” Huljich said.

For FY25, Centuria has provided guidance of 12.0 cents per security for OEPS (a 2.5% year-on-year increase) and 10.4 cents per security for distribution (up 4.0% year-on-year).

The company remains optimistic about improving economic conditions in FY25, particularly as cash rates are expected to unwind in major economies.