Ingenia Communities Group (ASX:INA) has earned an underlying profit of $23.5 million for the year ended 30 June 2017, an increase of 16.3% on the previous financial year.
The company owns, operates and develops a growing portfolio of lifestyle communities across key urban and coastal markets in Australia.
Significantly, Ingenia’s revenue has increased 40% to $149.9 million, and operating cash flow increased by 44.3% to 30.3 million, reflecting improved rental cash flows and new home settlements.
The EBIT of $32.1 million and the new home settlements of 211 have grossed more than the group target of $30 million EBIT and 190 settlements.
Ingenia has declared a final distribution of $0.051 per stapled security, with the payment to be made on 13 September 2017.
It is worth noting that the full year dividend distribution of $0.102 is an increase of 9.7% on FY16.
Ingenia has positioned itself to benefit from the demand from travelling seniors and families for holiday accommodation with a portfolio of over 790,000 ‘room nights’ per annum along the east coast.
The company’s successful financial results reflect the strong contribution from an expanded asset base and the benefit of growing sales volumes as key projects build momentum.