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Highlights
- Summerset Group Holdings has posted remarkable full-year growth in its profits.
- Witnesses record demand and build rates for its units.
- The Company will pay a final dividend to its shareholders next month.
Summerset Group Holdings Limited (NZX:SUM; ASX:SUM), NZ’s leading operator of retirement villages, today announced a power-packed FY21 performance, despite the ongoing pandemic.
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SUM sees a jump in its profitability
Its underlying profit for 2021 jumped by 44% to NZ$141.1 million, and NPAT stood at NZ$543.7 million, a rise of 136% on FY20.
Do Read: Summerset (NZX:SUM):How did it manage to have record sales in Q4 21?
Owing to record demand and build rates, the Company witnessed an extraordinarily good year.
SUM’s occupation right sales climbed by 25% on FY20, while total assets of the Company in 2021 rose to NZ$4.9 billion, up 26% on previous year.
The retirement company has declared a final dividend of 8.6 cps, thereby bringing the total FY21 dividend to 18.5 cps. It must be noted that 2021’s dividend is up 42% on the prior year.
The above-mentioned dividend will be paid on 23 March, the record date of which is 10 March.
Also Read: How are 3 NZX retirement villages faring amid Omicron outbreak?
New sites in the pipeline
This year, Summerset Group Holdings will commence the construction of new sites based in Auckland's Milldale and Marlborough’s Blenheim.
Further, it will continue its construction work at 15 other sites across NZ.
Scott Scoullar, Summerset’s Chief Executive, mentioned that the Company possessed land for another 5,313 units across the country.
Moreover, SUM boasts of having five properties across Australia while earthworks began its first Australian retirement village, located in Melbourne, in late 2021. It is anticipated that the first retirement units there would be ready by 2023.
Increase in pay rates for nurses
SUM’s Chief Executive has stated owing to the ongoing pandemic and immigration delays, there have been acute nursing shortages in the aged care sector.
The Company has hiked nurses' pay rates so as to remain competitive, thereby retaining as well as attracting the best nursing staff in order to take care of its elderly residents.
Moreover, in 2021, nearly 1,300 of its permanent staff received free SUM shares as part of the
Bottom Line
Summerset Group Holdings Limited continues to invest in the welfare of its residents by offering quality care, warm homes at affordable prices for comfortable retirement living.
At the time of writing, Summerset shares were trading flat at NZ$11.6, on 24 February.