By David Winning
SYDNEY–Retirement village operator Summerset reported a 62% rise in annual net profit and said it expects to deliver more new homes in 2024 than in the previous year.
Summerset said its net profit totaled 436.3 million New Zealand dollars (US$270.4 million) in the 12 months through December, up from NZ$269.1 million a year earlier. Underlying profit rose 11% to NZ$190.3 million in 2023, from NZ$171.4 million.
Directors of the company, which has more than 8,000 residents living in 6,087 retirement units, declared a final dividend of 13.2 New Zealand cents a share.
Across the year, Summerset achieved 1,103 total sales of occupation rights, up 10% on 2022. It also delivered 643 new homes under occupation rights agreements.
“We expect to deliver 675-725 homes in 2024, including Stage 1 of our St Johns village in Auckland, our first multi-level village, delivering four of the seven buildings comprising the main building, care center and 60% of the village’s homes,” Chief Executive Scott Scoullar said.
Write to David Winning at david.winning@wsj.com
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