ASX-listed Brisbane-based Eureka Group Holdings, under its Executive Chair Murray Boyte, proudly proclaims it now operates off a sound financial base, a sustainable business model with significant growth opportunities.
The affordable rental village operator reported a HY23 profit after tax of $7.75 million (2021: $4.03 million). Underlying EBITDA increased by 14% to $5.93 million (2021: $5.18 million).
Eureka owns 33 rental villages, five owned in a joint venture and has 14 villages under management. Its 2,692 units are at 98% occupancy.
It spent $19.1 million buying three rental villages with 151 apartments and is continuing to expand. It is putting an extra 51 units in its village in Brassall, QLD, and its first greenfield development: a 110-unit village in Kingaroy, QLD, has reached the detailed design stage.
“Strategies to increase village revenue, while maintaining affordability for residents, have contributed to the organic revenue growth experienced during the period,” Murray said (pictured).