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    Home ยป Summerset Reports Impressive Increase
    News

    Summerset Reports Impressive Increase

    February 25, 20241 Min Read
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    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.

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