The NZX-listed land company which owns 16 lower South Island dairy farms has posted a $15.115million net profit after tax.
New Zealand Rural Land Company listed on the NZX in December last year and released its inaugural full-year results after the market closed for trading on Monday evening.
In April, following the receivership of high-profile dairy group Van Leeuwen Group (VGL), NZRL bought 14 South Canterbury and North Otago farms from the group for $114million.
It also bought a Southland farm for $10.3million and leased it to Fortuna Group.
Those transactions settled on June 1.
Earlier last month , NZRL bought another VGL farm after the group failed to refinance it.
That property was also leased back to a VGL-owned company.
NZRL’s acquisitions were funded by the proceeds of an initial public offering and new bank debt.
The company secured a $65million revolving credit facility with Rabobank. A key covenant of that agreement was NZRl must maintain a loan to value ratio (LVR) of no greater than 40%.
In its full-year results statement, the company said as at August 30, NZRL was ‘‘comfortably’’ in compliance, at below 30%.
The company was continuing to investigate potential acquisitions with a core focus on dairy assets.
NZRL said it was on course to start paying dividends in the 2022 financial year and would look to declare that when it released its half-year results to December 31, 2021.
