Retirement village operator, Summerset, has reported a record full-year underlying profit of $206.4 million for the year ending December 31, 2024, an 8% increase compared to the previous year.
The company's total revenue also rose by 18% to $319.9m.
Summerset's total assets increased by 16% to $8.1b.
The company achieved 1,238 sales of occupation rights, up 12% from the previous year.
It delivered 708 new homes under occupation right agreements, with 676 in New Zealand and 32 in Australia.
Summerset's land bank now holds 6,147 retirement homes and 1,396 care homes in New Zealand and Australia.
The company's gearing ratio was 36.4%, and it reported a development margin of 28.9%.
A final dividend of 13.2 cents per share was declared.
See more
