Oceania Healthcare (ASX:OCA) has reported a 5% increase in unaudited Underlying EBITDA, reaching $80M for the year ended 31 March 2023.

The New Zealand aged care business said its total assets increased to $2.5B due to development across 11 sites and acquisitions, and that it sold two Auckland care sites and currently has 409 units under construction.

Oceania Healthcare also highlighted an operating cash flow of $70.2M, compared to $105.5M for the previous year, 

To support future growth, the company has also changed its dividend policy to allocate 30-50% of Underlying Earnings before Interest and Tax to investments.