Rental villages and manufactured home estates are delivering for Ingenia. Underlying profit jumped 85% to $6.7 million for six months to December - indicating $13 million profit over 12 months.
It was only 34 months ago that Simon Owen as CEO and Jim Hazel as chairman reshaped the unprofitable pure rental village ING Real Estate Communities business into Ingenia. Today the rental villages made EBIT profit of $5.4 million (up 9.6%) for six months and enjoy 86% occupancy.
The company has expanded rapidly its manufactured home estates, in 18 months acquiring 17 parks, with another 10 up for acquisition. They have 67 MHE homes built and a further 88 due to be delivered in the next five months.
All up they have 2,600 people paying fortnightly rent, mainly Centrelink subsidised, generating significant positive cash flow.
They have eight DMF villages under the Gardens brand with 838 units. They have announced they intend withdrawing from DMF villages entirely to concentrate on rental and MHEs.
