Ryman Healthcare said a “strong recovery in Victoria” helped it record a full year audited underlying profit of NZ$255M.

The 38-year-old public company based in Christchurch, NZ, said the audit reported profit includes unrealised fair value gains on investment property of NZ$692.9 million, up 63.8%, in the year to 31 March.

“There’s no doubt that the Omicron wave had an impact, but we’ve been pleased to see strong sales in Victoria in February and March,” said Group Chief Executive Richard Umbers (pictured).

Earlier this month, NZ rival Summerset Group posted an underlying profit of NZ$141.1 million for the year ending 31 December 2021. It has five sites in Victoria for villages, with development at Cranbourne North underway.

Ryman has 16 villages under construction including seven in Victoria: Nellie Melba in Brandon Park, John Flynn in Burwood East, Charles Brownlow in Highton, Deborah Cheetham in Ocean Grove, Raelene Boyle in Aberfeldie, in Highett, and Ringwood East.

It also owns land for development in Victoria at Mt Eliza, Mt Martha, Essendon, Coburg North (see separate story), Kealba and Mulgrave.

Once constructed, Ryman’s development pipeline of 29 new villages will provide homes for an additional 9,000 residents, and anticipated capital proceeds of over NZ$6.8 billion.