VANCOUVER, BC, Dec. 14, 2023 /CNW/ – Wall Financial Corporation (the “Company”) released its operating results and financial statements for the nine months ended October 31, 2023. The Company recorded net earnings and comprehensive income attributable to shareholders of the Company for the nine months ended October 31, 2023 of $21,681,844 or $0.67 per share compared to $46,546,834 or $1.43 per share in the prior period. This decrease in net earnings compared to prior year was primarily due to a gain on sale of investment property in the prior period of $30,340,556 offset by an overall increase in earnings from operations.
Revenue and income from the rental apartment operations increased due to acquisitions of investment properties in the prior year, a decrease in vacancy rates, and increased rents on tenant turnover. Revenues and earnings from the Company’s hotels increased due to higher occupancy and average daily rates. Revenues from the Company’s development operations decreased due to the closing of condominium units in the prior period.
| Three months ended October 31 | Nine months ended October 31 | ||||
| Statements of Earnings | 2023 | 2022 | 2023 | 2022 | |
| Total revenue and other income | $ 45,659,404 | $ 39,879,077 | $ 123,175,690 | $ 113,806,249 | |
| Net earnings attributable to shareholders of the Company | 9,773,021 | 7,233,196 | 21,681,844 | 46,546,834 | |
| Earnings per share (diluted and non-diluted) | 0.30 | 0.22 | 0.67 | 1.43 | |
| Statements of Financial Position | October 31, 2023 | January 31, 2023 | |||
| Total assets | $ 893,640,128 | $ 874,728,957 | |||
| Total non-current liabilities | 346,916,828 | 351,635,100 | |||
| Dividends paid | 97,360,095 | – | |||
| Dividends paid per share | 3.00 | – | |||
The above unaudited financial information, including comparative information, is expressed in Canadian dollars and has been prepared in accordance with International Financial Reporting Standards, using the same accounting policies and methods of application as described in notes 2 and 3 of the Company’s audited consolidated financial statements for the years ended January 31, 2023 and 2022.
Wall Financial Corporation is a B.C. based real estate company active in the development and management of residential and commercial rental units, development and construction of residential housing for resale, and the development and management of hotel properties.
SOURCE Wall Financial Corporation