NZL reinstates dividends, reports $10.9m profit

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Thu, 29 Feb 2024

New Zealand Rural Land Company has reinstated its dividend after reporting a full-year net profit of $10.9 million.The NZ stock exchange-listed (NZX) rural landlord suspended dividends last year, opting to use cash for a share buyback program and repay debt.The company’s board, at the time, considered the share price “materially” undervalued its assets.Now, at its full-year results, NZ Rural Land Company (NZL) has reinstated the dividend with an amended policy targeting a pay-out of between 60% and 90% of adjusted funds from o...

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