Genesis Reports 2024 Third Quarter Results and Declares a Special Dividend of $0.10
CALGARY, AB, Nov. 5, 2024 /CNW/ - Genesis Land Development Corp. (TSX:GDC) (the "Corporation" or "Genesis") reported its financial and operating results for the three months ("Q3") and nine months ended September 30, 2024 ("YTD"). Genesis is an integrated land developer and residential home builder with a strategy to grow its portfolio of well-located, entitled and unentitled primarily residential lands and serviced lots throughout the Calgary Metropolitan Area ("CMA").
The following are highlights of Genesis financial results for the third quarter of 2024:
2024 Highlights (Q3 2024 and YTD 2024)
$256.4 Million of Revenues in YTD 2024: Genesis generated revenues of $256.4 million in YTD 2024 up from $131.7 million achieved in YTD 2023. Q3 2024 revenues of $93.1 million were higher when compared to $41.2 million generated in Q3 2023.
$27.0 Million of Net Earnings in YTD 2024: Net earnings attributable to equity shareholders in YTD 2024 were $27.0 million ($0.48 net earnings per share - basic and diluted), compared to net earnings attributable to equity shareholders of $6.5 million ($0.11 net earnings per share - basic and diluted) in YTD 2023. Net earnings attributable to equity shareholders in Q3 2024 were $12.0 million ($0.22 net earnings per share - basic and diluted), compared to net earnings attributable to equity shareholders of $2.2 million ($0.04 net earnings per share - basic and diluted) in Q3 2023.
569 Lots Sold: In YTD 2024, Genesis sold 569 residential lots, an increase of 171% from 210 lots in YTD 2023. In Q3 2024, Genesis sold 215 residential lots, an increase of 389% from 44 lots in Q3 2023.
294 Homes Sold: In YTD 2024, Genesis sold 294 homes, an increase of 47% from 200 homes sold in YTD 2023. In Q3 2024, Genesis sold 102 homes, an increase of 44% from the 71 sold in Q3 2023.
312 New Home Orders: New home orders for the nine months ended September 30, 2024 were 312 units compared to 278 units for the same period in 2023. During Q3 2024, Genesis had 77 new home orders compared to 122 for Q3 2023. As of September 30, 2024, Genesis had 265 outstanding new home orders, compared to 283 as at September 30, 2023.
Land Servicing Activity: In YTD 2024, land servicing activity amounted to $52.5 million compared to $50.1 million in YTD 2023. Genesis is actively servicing five communities.
Investment in Additional Lands: In Q3 2024, Genesis invested $5.0 million to acquire a 16.7% interest in a limited partnership with 243 acres of land in southeast Calgary. Additionally, in YTD 2024, Genesis closed the acquisition of two parcels of development land located in southeast Calgary totaling 894 acres for $83.4 million.
Dividend Declared: The Corporation declared an unconditional special cash dividend of $0.10 per common share for a total of $5.7 million on November 5, 2024, payable on November 29, 2024 to shareholders of record on November 18, 2024. Pursuant to subsection 89(14) of the Income Tax Act (Canada) the dividend qualifies as an eligible dividend for Canadian federal income tax purposes.
Genesis maintains financial discipline by prudently managing its balance sheet and opportunistically allocating its cash resources among the following:
Acquiring and developing land either directly or through land development entities;
Acquiring builder positions in third party communities; and
Returning cash to shareholders by paying dividends and/or buying back its common shares.
Selected Financial Results and Operating Data:
Three months ended September 30,
Nine months ended September 30,
($000s, except for per share items or unless otherwise noted)
2024
2023
2024
2023
Key Financial Data