At its Annual Shareholders Meeting on 23 June 2022, Oceania announced a solid financial result for the year ended 31 March 2022, with underlying earnings before interest, tax, depreciation and amortisation (EBITDA) 16% higher than the prior corresponding period of $65.6m.
This was largely due to strong sales and resales despite COVID-19 lockdowns, as well as increased premium charges from recently completed developments.
The Company is seeking to leverage its established operating platform and strong balance sheet to accelerate its development pipeline, and has completed the acquisitions of Waterford, Remuera Rise and Bream Bay Village, as well as additional land adjacent to its Franklin site.
Oceania has also issued a second retail bond of $100m and entered into an amended Facilities Agreement, providing an increase in facility size from $350m to $500m and an extension of maturity date to mid-2027.
The Company declared and paid a final dividend of 2.3 cents per share, representing 53.9% of Underlying Net Profit after Tax.
The Board is seeking approval from shareholders to increase the maximum fee pool for non-executive directors due to increased demands on directors’ time.
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