The aged care and retirement village operator reported a before-tax profit of $69.4 million, down on the $74.1 million reported in the previous corresponding period (pcp).
Profit after tax fell 9% to $66 million from the $72.6 million in the pcp.
Tax paid more than doubled in the latest period to $3.4 million from the $1.4 million paid in 2008.
Total revenue rose 6% to $149.6 million from $141 million.
The 2009 profit was a 46% return on revenue versus a 52% return last year.
The dividend of 2.85c a share, up from 2.8c, carried no tax credits.
ABN Amro Craigs broker Chris Timms said it was a good result from Ryman.
"There has been a notable slowing in growth rates versus previous years, but the company has continued to increase the number of units sold during the year, their revenue and profit after tax.
"These are all positive achievements in the face of the tumultuous operating environment they have faced."
ABN focused on the unrealised profit, which did not include the revaluation gains required under the new international reporting standards.
That profit showed a 6% rise to $54.8 million.
Forsyth Barr broker Tony Conroy said the result was in line with his expectations.
"Overall, our first impressions are that this is a solid result and Ryman's business model is performing as expected.
"Our valuation and forecasts are currently under review."
Ryman chairman David Kerr said the company was pleased to have achieved growth in both profits and dividends in a year which had been challenging.
"Our operating cash flows this year were again very strong at $114 million.
"This has allowed us to increase our level of dividends and fund the building of our new villages without the need to raise fresh capital or to increase debt."
Demand for the company's product continued to grow with sales of retirement village units up 3% on last year with prices steady and rest-home and hospital occupancy at all-time highs, he said.
The growth in demand reflected the burgeoning elderly population and underlined the growing need for the company's services.
Ryman was committed to its new village development programme, building 300 units and 1000 care beds a year, Mr Kerr said.
Demand for new villages was strong, the company had term bank facilities in place and it had sufficient land for more than 1700 new units or beds.
"We are therefore well placed to achieve growth in our realised profits and dividends in the year ahead," he said.
