Centuria Capital Group (ASX:CNI) 2024 AGM Highlights
AGM Overview
Centuria Capital Group (ASX: CNI) conducted its Annual General Meeting (AGM) today, sharing insights on its operational performance and future strategies. Garry Charny, the Chairman, acknowledged the challenges faced by the Australasian real estate sector due to rising interest rates and inflationary pressures. Centuria reported a steady assets under management (AUM) of $21.1 billion for the financial year ending 30 June 2024, showcasing resilience amidst market volatility.
Operational Highlights
The Group has achieved a 28% compound annual growth rate in AUM over the past five years. Charny highlighted Centuria’s diverse portfolio, where over 20% is now allocated to alternative sectors such as agriculture, healthcare, and real estate finance. The ongoing success is attributed to a robust integrated management model that focuses on tenant service and market opportunities.
Sustainability and Talent Development
Centuria has made significant strides in sustainability, launching a new Sustainability Framework and completing its first climate-related disclosures in New Zealand. Additionally, Centuria introduced changes in its board and management teams to enhance talent and capabilities, fostering a culture of growth and engagement, recorded at 77% in the recent engagement survey.
Financial Performance
Joint CEO John McBain outlined the Group’s financial results, reporting a statutory net profit after tax of $102.2 million. Operating earnings per security stood at 11.7 cents with a distribution per security of 10.0 cents, consistent with previous guidance. The Group’s operations in non-bank private lending through Centuria Bass contributed significantly to this performance.
Future Outlook
Looking forward, Centuria anticipates stabilising financial markets, with guidance for FY25 operational earnings set at 12.0 cents per security. The business aims to expand its alternative investment vehicles and remains positioned to leverage potential improvements in valuation stability and market confidence. McBain remarked, “We believe FY25 will be an important transitional period for real estate markets.”
Chairman Transition
In a notable transition, Garry Charny will step down as Chairman, paving the way for Kristie Brown to assume the role following the AGM. Charny reflected on his tenure and the Group’s significant growth, asserting Centuria’s commitment to maintaining diversity and success moving forward.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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