Centurion Corporation is a company that runs workers’ dormitories. Their financial statements are available on SGX website.
In FY2019, with a revenue of $133.3 million, they made a
profit before tax of $111.0 million.
In particular, the profit margin on the worker accommodation
segment is 61%.
Now, taxpayers are footing the bill for the Covid infections
due to the poor conditions in the dormitories.
Anyone else besides me feel this is astounding and not right? Where is the accountability?
Source:
With these profits they should pay for the workers costs of medication and stay at separate avenue.
ReplyDeleteAlso to limit the number of workers per room. Max 4 depending on size.
???? You know that FY 2019 is year ended at 31 December 2019 right?
ReplyDeleteThe financial information does not include the time period where covid was a problem to Singapore, or to anywhere but China.
Please touch up your financial knowledge before deciding to use financial statements to judge the company.
How is that relevant to the obscene profit they were making?
DeleteHi Anon, from another Anon. It is about the profit they generated and how that profit could have been used to support covid efforts in the current year. It'd be strange that none of the profits earned go into sinking funds or whatever in case of emergencies. The point anyway is about how these dorm ops are not losing money and are in good position to do more for the greater good without having to draw in taxpayers money.
DeleteYou obviously need to touch up your own general knowledge before asking others to touch up their financial knowledge. Regardless of Covid-19, that sort of profit margin should be put to better use like having contingencies in place before or during a crisis like Covid-19, instead of relying on the Government or taxpayers to bail them out.
DeleteDoesn't matter when CV19 started. It is timely that they use these profits to cover the costs of FWs treatments. It is bcoz of their negligence n failures in housing these FWs in squalid unsanitary sardines packed dorms infested with roaches n rodents. Shame on to question this. You must be a complicit n morally bankrupt guy. Why is our taxpayers' $$$ being used. Over the years a decade or 2 they must have by now made billions. Just like MOM that made billions from FWs levy. MINISTERS from MOM MOH n ENV the past n present shld be made accountable for the situation we Singaporeans are at. No job no money bcoz of CB. Ministers, civil servants, teachers are paid in full. The private sectors workers are suffering. Some are laid off esp in the service industry. Doom n gloom if the CB continues. U are so senseless n foolish asking abt the company financial year vs CV19 year. Profits from the years shld be used to finance these FWs CV19 cases.
DeleteAre we free to share?
ReplyDeleteYes of course. Please do.
DeleteSingapore it’s one of the greatest failures in the world now says Australian CDS. ��
ReplyDeleteWhat is the issue here? Centurion Corp already pays corporate tax on their profits as a public company. In your ask for accountability, what exactly are u looking for?
ReplyDeleteAll Singaporeans have benefited already directly (or indirectly) from cheap foreign labour. This is not a question of singling out a company or industry sector (or political party for that matter) to make right our wrongs.
Hello HDB price very expensive ok. That is also taxpayers $$$ ok. Government own 90% of Singapore land acquired very2 cheap below market price during the late 50s n 60s n 70s. How we benefit from cheap labours. It is not ordinary citizens rather the govt n private developers. You must be a dodobird.
Delete1. Only 1/2 of Centurion's worker accom rev comes from SG.
ReplyDelete2. Profit margins in rental assets are usually 60-80%, because the net property income needs to pay for the cost of capital. If you buy a house and rent it for 3k, but only spend 200-300 on utilities/upkeep, are you profiteering? No, because you need to pay for the capital investment in the house.
3. Even if dorm operators were more "responsible", what sort of situation would prevent the spread? studio apartments with solo kitchens?
4. Gov seems to imply companies/dorm operators will foot part of the bill for the Covid measures
A private enterprise that profits on competition is a fair business.
ReplyDeleteQuestions :.
1. Was it a fair business deal?
2. Who are the beneficiaries of such good business?
3. The relaxation of building control standards, is any, for dorms - how did it come about?
4. In the event of high transmissibility of infectious deseases, what are the contingency plans built into such dorm design and standards? Wasn't this one of the important criteria in building design?
5. Was there cronyism involved in this business with the Government?
6. If the annual report shows such humongus profit margin, then the bidding process for the right to be the operator must have been very intense over the years.. Was it? If not, why?
7. How many operators in total in Singapore? Are they all in this fat business? Are they related and connected in some distant ways to some people close to Government? If so, are all things in proper order.
Many answers need to come clean and out to justify the this fat business (if true), and if it is genuine.
The big picture as presented does not look so healthy, not that the people are hell-bent to speculate negatively but transparency will always give way to trust and truth.
Perhaps, they are clean or perhaps not, but still the damage and cause of CB, to me, lies heavily on the lack of insight, foresight and oversight of the covid 19 task team. That's the root cause - can't point it anywhere else.
This fat dorm operation business is a separate issue and if required, an investigation is warranted to look into how such a fat business evolved unchallenged in a free market - too lucrative to be true. The balance sheet should reveal details of revenues vs expenses and overheads etc. including depreciation of capital assets as I believe the place is leased for a fixed period.
Were there inherent corrupt practices? This is from the angle if there is suspect.
Again, who should foot the bill of the Quarantine, the Operator and/or Government is a question of contractual agreement between the two if such epidemic was ever a consideration in the first place.
My take away is a thorough revelation of details and transparency will make all understand if impropriety was ever involved.
Judging from the fact that our Government has been secretive in many areas, the truth matters.
Provider of quality purpose-built workers and student accommodation and related professional management services, such a lucrative business? G.P. 72% (2018) https://centurion.listedcompany.com/misc/20191230CenturionFactsheet_27Dec2019.pdf
ReplyDeleteCenturion Corp has clarified that a large part of it is the $66.3 million fair valuation gain. Need to know accounting to understand its non-cash and one off revaluation.
ReplyDeletehttps://links.sgx.com/FileOpen/CCL-Clarification%20on%20media%20reports-20200518.ashx?App=Announcement&FileID=611380
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