Ingenia Communities Group (ASX: INA) – 30% growth in FY18 profit

Ingenia Communities Group today, 21 August 2018, announced results for the year ending 30 June 2018, posting an increase of 56% to underlying profit of $36.8 million in FY18. The company delivered statutory profit of $34.2 million, up 30% on previous corresponding year. Earnings before interest tax increased to $48 million from $32 million in financial year 2017, driven by significant growth in Ingenia Lifestyle and Holidays business. Underlying EPS was 17.7 cents per share in FY18.

Property group Ingenia Communities developed and sold 287 turnkey homes, thus increasing the rental income earned during the year. Permanent rental income grew by 46% to $21.7 million, Annual rental income increased by 12% to $4.8 million and Tourism rental income grew 38% to $34.9 million following the acquisitions undertaken in FY17.

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Operating cash flow of $47.2 million was up 56% on FY17, which is mainly attributable to contribution from recent acquisitions, growing rental flows and increased development volumes.

Its real estate assets at 30 June 2018 were valued at $730.4 million, net of finance leases and resident loans, comprising 31 lifestyle and holiday communities, 26 rental communities and one deferred management fee retirement village asset. During FY18, the group has posted a strong development pipeline of 3,244 sites including recent acquisitions of land at Woolgoolga, Hervey Bay, Upper Coomera and land adjacent to Latitude One.

The board declared full year distribution of 10.75 cents per share, up 5.4% on the previous corresponding year. The final distribution of 5.65 cents per stapled security has been declared, payable on 14 September 2018.

 Ingenia divested the Tasmanian Ingenia Gardens portfolio of five properties, two Lifestyle Communities and one Settlers village in fiscal year 2018.

The group expects to maintain a continuous growth in lifestyle community business in FY19. However, it anticipates that FY19 earnings may get adversely affected resulting from divestments made in FY18.

INA share price continues to fall on Tuesday, 21 August 2018. It was trading at $3.010, down 3.215%, before market close, despite the company announcing notable growth of 30% in profit for FY18.

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