As we have covered frequently, Arvida is a model that Australian village operators should consider emulating. As we reported here, the company was created by Australian village veteran Bill McDonald in November 2014 by convincing 10 private operators to pull their 17 villages into one group and listing on the NZ stock exchange.
The value then: around $150 million.
With the New Zealand financial year ending 30 March, Arvida is now, 54 months later, valued at $1.9 billion. They now have 32 villages with 2,475 independent apartments and 1,688 aged care beds.
Underline earnings were up 34% for the year to $51.7 million, with resales exceeded $100 million. But net profit after tax was down 28% to $42 million, with Arvida pointing to the impact in the last three months of COVID-19.
The hit to sales and settlements, the cost of protective equipment and staff support, delays on construction and housing sentiment all contributed.