Summerset, a prominent retirement village operator, has recently disclosed a remarkable 62% increase in their annual net profit. The company confidently foresees surpassing their previous year’s home delivery figures in 2024.
Financial Highlights
- Net Profit: Soared to 436.3 million New Zealand dollars, up from NZ$269.1 million in the prior year.
- Underlying Profit: Showed a solid 11% growth to NZ$190.3 million in 2023.
- Dividend: The directors declared a final dividend of 13.2 New Zealand cents per share.
Operational Achievements
Throughout the year, Summerset was able to achieve significant milestones:
- Total Sales: Recorded 1,103 total sales of occupation rights, marking a notable 10% increase from the previous year.
- New Home Deliveries: Successfully completed 643 new homes under occupation rights agreements.
Future Outlook
Looking ahead, Chief Executive Scott Scoullar shared insights into the company’s projections:
- They anticipate delivering between 675-725 homes in 2024.
- Commencing with Stage 1 of the St. Johns village in Auckland, which will be their first multi-level village.
This prosperous growth and strategic expansion plan position Summerset as a key player in the retirement living sector.