New Zealand Rural Land Company (NZRLC) has reported a consolidated net profit after tax of $23.1 million and adjusted funds from operations (AFFO) of $7.1m for the year ended December 31, 2024.
The company's AFFO increased by 13.6%, from 4.35 cents per share in the previous financial year to 4.94 cents per share.
NZRLC's portfolio diversification and yield were boosted by forestry and horticultural acquisitions.
The company now owns 17,503 hectares of rural land, a 9% increase from the previous year.
It also reinstated its dividend at approximately 80% of AFFO, with a full-year dividend of 4 cents per share.
NZRLC's net asset value per share grew from $1.25 at the initial public offering to $1.60.
The company has lowered its gearing to 29.6% and 65% of its borrowing is now hedged.
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