Ingenia Communities Group (ASX: INA) today announced underlying profit of $43.5 million up 27% on the prior year driven by improved operational performance and an increased contribution from the Joint Venture with Sun Communities. Statutory profit of $42.5 million for the half year ending 31 December 2023 was up 26% on the prior corresponding period.
The Group delivered a strong operational performance with revenue uplift driven by increased home settlements, and another strong period of rental growth and occupancy.
Ingenia Communities Group Chairman, Jim Hazel, said: “The 1H24 performance reflects the benefits of diverse revenue streams, strong tourism performance and CPI linked rents coupled with an increase in settlements. This was partially offset by ongoing inflationary cost pressures and the investment in people and systems supporting further business growth.”
“Today Ingenia is a business of substantial scale comprising $2.4 billion in owned or managed property across 102 communities and sites, with a development pipeline of 5,935 land lease home sites and 15,700 income producing sites.”
The Group’s residential communities continue to meet the growing demand for affordable housing with Ingenia Lifestyle targeting the growing ageing population and Ingenia Rental providing all age rental accommodation in desirable markets.
The tourism business continued to perform strongly with increases in both occupancy and rate delivering an increase in revenue per occupied room. While holidays rate growth is moderating, there are embedded organic growth opportunities across key assets to intensify land use.
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