VANCOUVER, BC, April 26,
2024 /CNW/ - Wall Financial Corporation
(TSX: WFC) (the "Company") released its operating results and
financial statements for the three months and year ended
January 31, 2024. The Company
recorded net earnings and comprehensive income attributable to
shareholders of the Company for the year ended January 31, 2024 of $22,233,339 or $0.69 per share compared to $48,206,620 or $1.49 per share in the prior period. This
decrease in net earnings compared to the prior year was primarily
due to a gain on the sale of an investment property in the prior
year of $30,340,556 offset by an
overall increase in earnings from operations in the current
year.
Revenue and income from the rental apartment operations
increased due to acquisitions of investment properties in the prior
year, a decrease in vacancy rates, and increased rents on tenant
turnover. Revenues and earnings from the Company's hotels
increased due to higher occupancy and average daily rates. Revenues
from the Company's development operations decreased due to fewer
condominium sales
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Three months ended
January 31
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Year ended January
31
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Statements of
Earnings
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2024
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2023
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2024
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2023
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Total revenue and other
income
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$
33,273,854
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$
30,920,469
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$
156,449,544
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$
144,726,718
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Net earnings
attributable to shareholders of the Company
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551,495
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1,659,786
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22,233,339
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48,206,620
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Earnings per share
(diluted and non-diluted)
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0.02
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0.05
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0.69
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1.49
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Statements of
Financial Position
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January 31,
2024
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January 31,
2023
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Total assets
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$
896,277,758
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$
874,728,957
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Total non-current
liabilities
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344,969,288
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351,635,100
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Dividends
paid
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97,360,095
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-
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Dividends paid per
share
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3.00
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-
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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, 2024 and 2023.
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