Gold Coast developer Villa World secure 32 percent rise in profits
Gold Coast residential developer Villa World have reported a 32 percent rise in its 2016 net profit having delivered $33.7 million in net profit after tax.
They are keen to buy more development sites after seeing a substantial rises in profits from $25.6 million last year.
The company reported strong sales figures for the year ending June 30, driven by strong sales, settlements, and a focus on domestic buyers.
“In 2016 we hit our target with a total of 1185 sales, almost double our result from three years ago,” managing director and chief executive Craig Treasure said.
“The domestic market has been our focus with less than 5 per cent of 2016 sales to international purchasers.”
The company also achieved a higher number of settlements this year, seeing a rise from 816 last year to 1073.
The amount of settlements helped lift Villa World's revenue by 20 percent to $387 million.
They purchased 2139 lots, taking their portfolio to 5937 lots as at June 30.
“The near-term focus will remain on the continued replenishment of the portfolio in southeast Queensland, growing the Victorian land bank with a focus on the southeastern and northern growth corridors of Melbourne, and growing a presence in NSW,” Craig said.
The company is targeting a net profit growth of at least 5 per cent and a dividend of at least 18c a share next year.
