KPG builds momentum with strong FY22 annual result

Kiwi Property has reported a strong financial result for the year ended 31 March 2022 (FY22), with growth in all key operating metrics.

Net profit after tax rose 14.1% to $224.3 million, driven by increases in both income and asset values.

Net rental income increased 7.8% to $187.1 million, operating profit before tax increased 7.3% to $124.8 million, adjusted funds from operations grew 12.3% to over $100 million and net tangible assets per share rose 9 cents per share (cps) to $1.45.

Gearing remained broadly in line with the same time 12 months ago at 31.6% and Kiwi Property will pay a final cash dividend of 5.60 cps for FY22, an increase of 8.7% on the 5.15 cps paid in the prior year.

The Company is targeting a FY23 cash dividend of no less than 5.70 cps.

Work is underway on a range of digital tools, a standalone office co-investment platform and new mixed-use developments at Sylvia Park, Drury and LynnMall.

Kiwi Property has also announced plans to build New Zealand’s largest rooftop solar installation at Sylvia Park.