New Zealand Rural Land Co. (NZX: NZL) has reported a net profit after tax of $5.3 million for the financial year ending December 31, 2022 and seen an increase in the value of its property portfolio.
The portfolio grew by 0.94% in the six months to December 31, 2022, demonstrating the resilience and quality of NZL's portfolio in an uncertain macroeconomic environment.
Since listing on the NZX in December 2020, NZL's audited NAV per share has grown at a cumulative annual growth rate of 15%.
The company has entered into an agreement to acquire up to 100% of a forestry estate located in Manawatu-Whanganui, to be funded through a combination of debt and equity, including a 1:3 pro-rata rights issue at a cost of $1.00 per share.
NZL will pay a half-year dividend of 2.03 cps for the period July 1 - December 31, 2022, an increase of 27% on the previous six-month period.
No impact from recent extreme weather events has been reported.
The company's outlook remains positive.
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