Summerset lifts underlying profit 44% as property values soar

Chief executive Scott Scoullar is concerned about underfunding. (Image: supplied)

Thu, 24 Feb 2022

Summerset more than doubled annual net profit on property valuation gains while underlying profit was up 44%.The retirement village operator said net profit rose to $543.7 million for calendar 2021 compared with $230.8m the previous year.Property gains were $537.5m compared with $221.1m the previous year.Chief executive Scott Scoullar said 2021 had been "an extraordinarily good year" for his company with record demand and build rates, "reflecting the focus that Summerset has had over the last couple of years in keeping our reside...

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