The residential aged care and home care operator has recorded a $2.9 million operating profit in the year to 30 June, an increase of 55% - and more than $1 million - on the previous year.
Revenue grew more than $2.5 million, from $21.4 million to $23.9 million.
In the context of StewartBrown's analysis from the September 2023 quarter showing half of all aged care homes are operating at a loss, Treasurer Nicholas Maksymow observed "knowing our game has paid the best interest".
The introduction of the AN-ACC funding model part way through the year - on 1 October 2022 - provided higher funding for its 168 beds.
A 33% growth in home care revenue also boosted the bottom line. St Sergius only entered the home care market in 2019 and generated income of $10,000. Three-and-a-half years later, the provider has about 60 clients generating $1.2 million.
St Sergius Aged Care is a Not For Profit aged care home, established by the Russian Relief Association and operating in Cabramatta, 35km west of the Sydney CBD.
For more on why St Sergius is proving so succesful, look out for our interview with CEO Helen Workman, this week in SATURDAY, our premium magazine. Subscribe here.
