Retirement village operator, Summerset, has reported an underlying profit of $89.9 million for the first half of 2024, representing a 3% increase compared to the same period last year.
The company's chief executive, Scott Scoullar, attributed the strong profit to the continued strength of Summerset's sales pipeline and its disciplined approach to costs.
Summerset also announced the acquisition of a new site in Napier, Hawke's Bay, which will add approximately 300 units to its land bank.
In addition, the company provided an update on its progress in Australia, with the first residents moving into its Cranbourne North village in March.
Summerset's total assets as of June 30 were $7.4 billion, up 17% from the previous year, while the gearing ratio stood at 36.2%.
An interim dividend of 11.3 cents per share, unimputed, was declared by the board.
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