CALGARY, AB, July 30, 2025 /CNW/ – Genesis Land Development Corp. (TSX:GDC) (the “Corporation” or “Genesis”) reported its financial and operating results for the three months (“Q2”) and six months ended June 30, 2025 (“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 first half of 2025:
2025 Highlights (Q2 2025 and YTD 2025)
- $129.6 Million of Revenues in YTD 2025: Genesis generated revenues of $129.6 million in YTD 2025, down from $163.3 million achieved in YTD 2024. Q2 2025 revenues of $71.4 million were lower when compared to $95.0 million generated in Q2 2024.
- $12.7 Million of Net Earnings in YTD 2025: Net earnings attributable to equity shareholders in YTD 2025 were $12.7 million ($0.22 net earnings per share – basic and diluted), compared to net earnings attributable to equity shareholders of $15.0 million ($0.26 net earnings per share – basic and diluted) in YTD 2024. Net earnings attributable to equity shareholders in Q2 2025 were $6.7 million ($0.11 net earnings per share – basic and diluted), compared to net earnings attributable to equity shareholders of $8.0 million ($0.14 net earnings per share – basic and diluted) in Q2 2024.
- 114 Lots Sold: In YTD 2025, Genesis sold 114 residential lots, a decrease of 68% from 354 lots in YTD 2024. In Q2 2025, Genesis sold 49 residential lots, a decrease of 79% from 231 lots in Q2 2024.
- 176 Homes Sold: In YTD 2025, Genesis sold 176 homes, a decrease of 8% from the 192 sold in YTD 2024. In Q2 2025, Genesis sold 105 homes, a decrease of 2% from the 107 sold in Q2 2024.
- 140 New Home Orders: In YTD 2025, Genesis had 140 new home orders compared to 235 for YTD 2024. During Q2 2025, Genesis had 65 new home orders compared to 122 for Q2 2024. As of June 30, 2025, Genesis had 229 outstanding new home orders, compared to 290 as at June 30, 2024.
- Land Servicing Activity: In YTD 2025, land servicing activity amounted to $29.9 million compared to $20.3 million in YTD 2024. Genesis is actively servicing four communities.
- Land Acquisition: In Q2 2025, Genesis acquired an additional 27% interest in the OMNI project for $5.5M. This results in Genesis holding a 100% interest in the 185-acre OMNI project.
- Leadership Transition: In Q2 2025, Genesis announced the retirement of Iain Stewart as President and Chief Executive Officer and the appointment of Parveshindera (PS) Sidhu as President, Chief Executive Officer and a Director of Genesis effective June 30, 2025. Mr. Stewart will continue as a member of the Board of Directors.
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:
|
($000s, except for per share items or unless otherwise noted) |
Three months ended |
Six months ended |
||||
|
2025 |
2024 |
2025 |
2024 |
|||
|
Key Financial Data |
||||||