Kiwi Property delivered a robust financial result for the six months ended 30 September 2021, announcing an uplift in all key operating metrics, including income, profitability, asset values and interim dividend, despite the impact of COVID-19. On this page, you can read about some of our performance highlights and download the documents from our interim reporting suite.
Hear Clive Mackenzie, Kiwi Property’s Chief Executive Officer, discuss our 2022 interim result, including the milestones we’ve achieved over recent months and the impact that COVID-19 has had on our business.
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Kiwi Property delivered a net profit after tax of $143.2 million, up 164.1% on the prior comparable period. This significant uplift was enabled by a $93.6 million increase in the fair value of the company’s investment properties.
Operating profit before tax rose 8% to $62.5 million, underpinned by a full period of trading at the new Sylvia Park level one expansion. This is a particularly pleasing outcome given the challenging macro-economic climate.
Our property portfolio was worth $3.5 billion as at 30 September 2021. The company’s office assets performed particularly strongly in the first half of the financial year, recording a fair value gain of 4.9% to $1.1 billion, while our mixed-use portfolio, climbed 2.5% to $1.7 billion.
Kiwi Property will pay an interim dividend of 2.75 cents per share for the period ended 30 September 2021. The company expects to pay a total dividend of no less than 5.30 cps for the 2022 financial year (contingent on the company’s performance through the second half of the financial year and barring material adverse effects or unforeseen circumstances).
We’re excited to have begun construction of New Zealand’s first major build-to-rent development. The $221 million, 295 apartment complex will be located at Sylvia Park, accelerating the site’s evolution into an integrated retail, office and residential community.
We’ve obtained resource consent for a 25-level mixed-use building at LynnMall, which will integrate a compelling combination of ground floor retail, three commercial office levels and 245 build-to-rent apartments.
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