Tuesday 23rd February 2021
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Retirement village operator Summerset Group Holdings Limited today announced a full year underlying profit for the year ending 31 December 2020 of NZ$98.3 million, down 7% on FY19. Net (IFRS) profit after tax, which includes the impact of unrealised movements in the fair value of investment property, was up 32% on FY19 at NZ$230.8 million.
Summerset Chief Executive Julian Cook said it had been a strong year for Summerset despite the COVID-19 pandemic.
“Summerset has maintained strong profitability and resilience throughout 2020.”
Mr Cook said underlying profit was down on the previous year due to expenditure on measures to keep residents safe from COVID-19 plus increases in employee wages.
“Despite the COVID-19 pandemic and lockdown, we have performed well. This is testament to New Zealand’s effective public health response, the Summerset team, our handling of the pandemic, and the underlying strength of Summerset’s business,” he said.
Looking ahead, Mr Cook said Summerset expected to open main buildings in its Richmond (Nelson) and Avonhead (Christchurch) retirement villages in 2021. The 9,000m2 main buildings include extensive village amenities such as a swimming pool, gym and movie theatre, a care centre and memory care centre, and serviced apartments.
A 32% increase in net profit after tax was driven by an investment property revaluation uplift of NZ$221.1 million on Summerset’s retirement village assets for the year. The investment property valuation as at 31 December 2020 has rebounded strongly since the previous valuation as at 30 June 2020 when the residential property market was forecast to fall by up to 10% as a result of the COVID-19 pandemic.
The board has declared an unimputed final dividend of NZ7.0 cents per share. The record date will be Tuesday 9 March 2021 and the payment date will be Monday 22 March 2021. This brings the total dividend payment for 2020 to NZ13.0 cents per share. The dividend reinvestment plan will apply to the dividend, with a discount of 2% applicable to those shareholders participating in the plan.
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