NZ’s Oceania Healthcare records increase in EBITDA – sales up 44%

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The New Zealand village and aged care operator recorded an EBITDA of $35.4 million for the six months ending 30 November, 2020.

This is a 2% increase over the same period from 2019, an indication of strong sales for its independent living units and villas as well as care suites throughout the first half of the year, which were up 44% on the prior corresponding period.

Oceania Healthcare CEO Earl Gasparich said strong demand for their product was another contributing factor to the increases.

“The 20.6% increase in resale volumes is particularly pleasing as a key indicator of the quality of Oceania Healthcare’s annuity earnings streams,” he said in a statement.

As a result, cash flow increased by 30.9% to $74.6 million and total asset value climbed to $1.7 billion.

Oceania also completed 28 apartments and 61 care suites at Green Gables (Nelson) in September 2020 and are on track to complete a further 217 independent living units before 31 March, 2021 – just eight weeks away.