NZL announces $10.9m profit, reinstates dividend

New Zealand Rural Land Co (NZL) has announced a net profit after tax of $10.9 million for the year ended Dec 31 2023.

This is the company's financial result for FY23.

In addition, NZL reported adjusted funds from operations (AFFO) of $6m, including earnings from properties with put/call arrangements in place.

The announcement also highlighted various post-balance date developments for FY24, including Roc Partners' purchase of a 25% stake in NZL's portfolio, an increase in diversification through forestry and horticulture acquisitions, and a decrease in gearing.

NZL's board has reinstated the dividend and amended the dividend policy, now targeting a payout of 60%-90% of AFFO.

The company's on-market share buyback programme will also continue.