Ryman posts record $84m net profit

Retirement village operator Ryman Healthcare said its net profit hit a record this year. File photo

Christchurch-based retirement village operator Ryman Healthcare said its net profit - before revaluations - hit a record $84 million in the year to March 31.

It was the company's 10th successive annual profit increase.

Unrealised valuation gains lifted the reported profit after tax to $121m.

Ryman shareholders will receive a 17 per cent increase in their annual dividend to 8.4 cents per share.

The company announced 4.5c per share dividend, taking the total dividend for the year to 8.4 cents, up 17 per cent on the previous year's.

The final dividend does not carry imputation tax credits.

Chairman David Kerr said the company faced some major challenges in earthquake-struck Christchurch over the past 18 months.

Ryman built 710 retirement units and aged care beds during the year, up 24 per cent on the previous year, and well ahead of its target build rate of 550 units and beds a year.

"The lift in build rate reflected the significant investment we made in hospital and dementia facilities this year, and our decision to fast-track new Christchurch facilities post-earthquake,'' he said in a statement.

New villages were opened in Gisborne and Tauranga during the year.

Kerr said the company was experiencing strong demand.

Operating cashflows were up 27 per cent to $169m for the year, allowing the company to self-fund the bulk of its building activity, he said.

Established in 1984, Ryman owns 24 villages nationwide.

Its shares traded on Wednesday at $3.25 each.