NZ village operator Arvida doubles annual profits to $53.7M

Following our story on CEO Bill McDonald’s LEADERS SUMMIT presentation here last week, the private operator announced its net profit has jumped to $53.7M from $24M, lifted by a $39.3M increase in the value of its investment properties. Arvida, which debuted on the NZX in 2014 by bringing 10 private village operators together, also increased its underlying profit by 47% to $23M. The operator completed eight acquisitions in 2016/17, taking its total number of villages to 26. Bed numbers are also up to 2,747 from 2,154 with occupancy at 95%. In total, Arvida’s assets are now $795M, up $334M since the start of the financial year.