Infrastructure

Arvida’s underlying profit up 42%, boosted by Arena purchase

Jenny Ruth
Mon, 30 May 2022

Arvida’s underlying profit up 42%, boosted by Arena purchase

Chief executive Jeremy Nicoll says Arena’s results highlighted the rationale for its acquisition. (Image: Supplied)

Jenny Ruth
Mon, 30 May 2022

Arvida lifted annual net profit by 52% as the value of its profits rose and its $345 million Arena acquisition performed better than expected.The Arena portfolio of six retirement villages is now valued at $70.3m more than the purchase price – the acquisition was settled on November 15 – and the overall gain in value was $156m, compared with the previous year’s $121.3m gain.The portfolio is now worth $3.4 billion, up from $2.2b a year ago.Net profit for the year ended March rose to $198.9m, while underlying net profit was up 4...

Unlock all stories
free for 10 days

Trustworthy, balanced journalism every day from our growing team of New Zealand business reporters and commentators, plus more in our weekend magazine section, The Life.

Instant News Alerts based on keywords you choose or journalists you follow
Our Daily Digest of all stories at 6am, midday or 6pm
Comprehensive business and markets coverage
News via email, web and Apple/Android apps

Try for 10 days without paying and if you’re not convinced cancel with just two clicks.

Find out more

Subscribe now

Name

E-Mail Address

Password

Confirm Password

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Cardholder's Name

Card

You will be charged in 10 days unless you cancel beforehand. We will remind you three times before charging you.
All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service {{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Or Subscribe with Google

Not convinced yet?

Subscribe to our Daily News Update free newsletter.

Energy

More work on Onslow gets green light from ministers

Ian Llewellyn | Thu, 07 Jul 2022

Cabinet gives green light to more Onslow pumped hydro project, narrows down alternative options on solving the dry year problem.

Finance

Homebuyers: the bank is still watching your spending

Frances Cook | Thu, 07 Jul 2022

The sillier parts of the CCCFA are gone, but banks still need to make sure you can afford a loan, so they’re going to go through your income and expenses.

Law & Regulation

Lego, Zuru to head to trial over use of trademark

Ben Moore | Thu, 07 Jul 2022

The two toy titans have clashed over Zuru’s use of the Lego trademark on statements of compatibility on its packaging.

Arvida’s underlying profit up 42%, boosted by Arena purchase

Subscribe now

Or Subscribe with Google

Not convinced yet?

Your company has a subscription

Team