WALL FINANCIAL CORPORATION ANNOUNCES Q3 2024 FISCAL RESULTS

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.

Wall Financial Corporation announces Q3 2024 fiscal results

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		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

Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX: WFC), 1010 Burrard Street, Vancouver, British Columbia V6Z 2R9, 604.893.7131.