Scentre Group (ASX:SCG) shares escalated as much as 3% to A$3.070, marking a trajectory towards its best day since December 14 if current trends maintain.

The property developer reported a fiscal year profit after tax (excluding unrealised fair value movements) of A$1.07 billion ($700.52 million), an increase of 16.7%.

It also recorded a 2.1% surge in fiscal year revenue to A$2.51 billion.

The company forecasts distributions are expected to be a minimum of 17.20 AU cents per security in 2024, slightly better than projections from Citi and Visible Alpha consensus expectations.

Citi retains a target price of A$2.95 per share and a ‘Neutral’ rating on the stock.

Despite this surge, the stock is down by about 0.3% this year as per the last close.

Scentre Group is a leading property developer in Australia.