Summerset Group Holdings Limited, a retirement village operator, has reported an underlying profit of $87.2 million for the first half of 2023, representing a 5.7% increase compared to the same period in 2022.
The company also recorded a reported profit after tax of NZ$133.1 million and total assets of NZ$6.3 billion, up 17.2% from the previous year.
Summerset acquired two new sites in New Zealand and delivered 152 retirement units during the first half of the year.
The company reported a development margin of 33.5% and announced an interim dividend of NZ11.3 cents per share.
Summerset is also expanding its operations in Australia, with construction underway at its Cranbourne North village and consent received for its Oakleigh South site.
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