Tuesday 24th November 2020
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NZX listed retirement village and aged care operator Arvida Group Limited reported unaudited net profit of $41.8 million for the six months ended 30 September 2020.
Arvida CEO Mr Bill McDonald said the residential property market had rebounded strongly from the uncertain outlook prevailing at year end and led to a revision of key assumptions applied by the independent valuers in a desktop review of our retirement villages.
Strong underlying business performance was recorded with an 8% increase in revenue for the six month period to $86.2 million and a 74% increase in operating cash flow to $52.9 million.
Underlying Profit of $20.5 million was reported for the period, down $2.9 million on the $23.4 million reported in the same period in the prior financial year. Mr McDonald said a number of Covid-related factors had impacted bottom line financial performance in the period.
Arvida has expanded rapidly since listing in December 2014 to become one of New Zealand’s larger owner, operator and developers of aged care and retirement living. Arvida is a member of the NZX 50 Index, the FTSE Small Cap Index and was recently included in the Refinitiv Top 100 Diversity & Inclusion Index. This Index ranks over 7,000 companies globally and identifies the top 100 publicly traded companies with the most diverse and inclusive workplaces. Arvida was the only New Zealand company to be included in the Index, joining many well-known global companies and brands such as Vodafone, Sony, Singapore Airlines, Johnson & Johnson and Coca Cola. On 1 December 2020 Arvida will also be added to the MSCI New Zealand Index.
In August, the Board set the level of the first quarter dividend on the expected earnings for the first half of the financial year. It was anticipated the first half would include a period of disruption to business operations and sales activities. A dividend of 1.20 cents per share was declared for the September quarter to be paid on 10 December 2020, bringing the total dividend for the half to 2.40 cents per share. The dividend payout for the first half represented 63% of Underlying Profit, in line with Arvida’s dividend distribution policy.
Dividend guidance for the second half will be provided in February.
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