Scentre profit nearly doubles in FY25
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The news: Westfield owner Scentre Group has delivered half-year net profit after tax of $782.2 million, as portfolio occupancy hit the highest level since 2017.
The numbers: In the first half of 2024 Scentre posted half-year net profit of $403.9 million. The market consensus estimate for profit for the first-half of 2025 was $649.1 million, according to Visible Alpha.
The first-half increase in 2025 is inclusive of a $177 million unrealised property valuation increase. Occupancy hit 99.7%, a 40 basis point increase on the previous corresponding period.
Funds from operations (FFO) for the period came in at $586.6 million, which is 3.2% higher than the $568.2 million reported in the previous corresponding period. Analysts had expected it to come in at $582.8 million.
An interim dividend of 8.8 cents per stapled security was declared. This is higher than the 8.6 cents declared in the first half of 2024 and behind of the market consensus estimate of 8.95.
The context: Scentre reconfirmed its FFO target of 22.75 cents per security for 2025, marking 4.3% growth for the year. Distribution guidance for the second half of the year has been upgraded for 8.905 cents per security, representing 3.5% growth over the prior corresponding period.
The group has seen 340 million customers visits across its 42 Westfields in Australia and New Zealand so far this year, an increase of 10 million, or 3%, compared to the same point last year.
The source: ASX
