CDC Data Centres' New Zealand business made a pre-tax profit of $249.4 million according to its first financial report filed with the Companies Office.
However, the vast majority of that came through the revaluation of properties, which CDC has been developing into data centre facilities over the last few years.
Total revenue for the year to 31 March was $23 million and operating profit was $10.9 million before the company reported $240.9 million in property revaluation gains propelling operating profits to $251.8 million.
Tax paid was $69.9 million leaving a total net profit of $179.5 million.
Total assets reported, mainly property, increased from $280.5 million in 2022 to $682.5 million in 2023.
Jason Boyes, CEO of major CDC investor Infratil, told shareholders in May that CDC had seen a significant expansion of capacity to meet new and existing customer demand.
Substantial capital was deployed to bring that capacity online and to deliver continued strong financial growth.
"Expansion included two new Auckland campuses in Silverdale and Hobsonville, which are the largest and most secure data centres of their type in New Zealand," Boyes said.