ASX-listed Summerset has appointed Stockland alumnus Stephen Bull (pictured) to its board as the company records all-time profit highs.
The NZ-based operator posted an underlying profit for the year ending 31 December 2021 of NZ$141.1 million (AU$131.4 million), up 44% on the previous year, and net profit after tax of NZ$543.7 million (AU$506.5 million), up 136% on the previous year.
According to Summerset Chief Executive Scott Scoullar, the company enjoyed record demand and build rates last year.
“We have had a very strong year for occupation right sales, up 25% overall on FY20, and our strongest ever year for pre-sales as well. In 2021, 72% of all deliveries were pre-sold, and as a result both the net profit after tax and the underlying profit for Summerset are company records,” he said.
Summerset has also appointed Stephen Bull, who left Stockland in 2018 after five years heading up its Retirement division, as a non-executive independent director on its board.
Mark Verbiest, Chair of Summerset, said Mr Bull will bring 25 years of experience in real estate, community creation and finance to the role.
“Stephen’s depth of Australian retirement sector experience means he will bring rich insights into Summerset’s business. We look forward to him joining us,” he said.
Summerset owns five sites in Victoria, with its first Australian units expected to be ready early next year.
