Ryman’s operating profit up $7.5M as sales soar 48% in six months

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New Zealand village operator Ryman Healthcare has started construction on three new villages, including two in Melbourne, in the last six months, bringing the total number of villages under construction to 15.

New Ryman CEO Richard Umbers, in delivering the half-year results to 30 September 2021, said sales rose 48% to $NZ510 million during the first half, despite COVID-19 lockdowns.

“When you consider the extent of the lockdowns in Auckland and Melbourne, which are our biggest markets, sales have been remarkably resilient,” said Mr Umbers in a statement.

Only 1.2% of the retirement village portfolio was available for resale at 30 September.

Ryman, which is set to become Melbourne’s largest retirement owner/operator, reported a net $NZ281.5 million profit after tax in the half-year to 30 September, up 32% on NZ$212.4 million profit in the previous corresponding half-year. It was mainly due to property revaluations.

Unrealised revaluations on property investments rose to $NZ178.7 million, which was a significant jump on the September 2020 half-year’s $124.1 million valuation.

Ryman Healthcare’s unaudited first half underlying profit rose 8.5% to $NZ95.9 million.