The country's biggest retirement village operator, Ryman Healthcare, has posted a solid rise in profit on the back of higher sales and increased property values.
Ryman's profits have shown an increase on the previous year as unique villages and high-quality care offering continue to be in strong demand, according to the company's chairman. Photo: 123RF
The company's profit for the year ended March was $388.2 million compared with the previous year's $356.7 million.
Leaving aside the gain in property values, the underlying profit was up 14 percent to $203.5 million.
Ryman Healthcare chairman David Kerr said increased earnings at existing villages had driven the result, and Ryman's unique villages and high-quality care offering continued to be in strong demand.
"Our balance sheet is stronger than ever with total assets of $5.8 billion, and with 16 villages in the pipeline we have a great development runway stretching out ahead in New Zealand and Victoria," he said.
The company has 16 retirement villages in the pipeline and secured sites for its growing building programme in the Australian state of Victoria.
Ryman has been expanding its services by offering increasing levels of medical care in its villages, in addition to the sale of units and houses.