Genesis Reports 2025 Second Quarter Results

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  June 30,		Six months ended  June 30,
			2025	2024	2025	2024
Key Financial Data
Total revenues			71,417	94,978	129,626	163,283
Net earnings attributable to equity shareholders			6,694	8,027	12,724	14,977
Net earnings per share - basic and diluted			0.11	0.14	0.22	0.26
Dividends declared and paid			5,956	5,395	5,956	5,395
Dividends declared and paid - per share			0.105	0.095	0.105	0.095
Key Operating Data
Land Development
Total residential lots sold (units)			49	231	114	354
Residential lot revenues ^(1) (2)			7,684	39,989	20,164	56,614
Development land revenues			-	5,466	-	5,466
Home Building
Homes sold (units)			105	107	176	192
Revenues ^(3)			71,354	67,193	121,183	123,393
Outstanding new home orders at period end (units)					229	290

 ⁽¹⁾ Includes residential lot sales to third parties, residential lot sales to GBG and other revenues.

⁽²⁾ Includes other revenues and revenues of $Nil in Q2 2025 and in YTD 2025 purchased by the Home Building division from Lewiston Lands Limited Partnership ($10,796,000 and 60 lots in Q2 2024 and YTD 2024). These amounts are eliminated on consolidation.

⁽³⁾ Includes other revenues and revenues of $7,621,000 for 49 lots in Q2 2025 and $11,721,000 for 74 lots in YTD 2025 purchased by the Home Building division from the Land Development division ($6,874,000 and 50 in Q2 2024; $11,394,000 and 81 lots in YTD 2024) and sold with the home. These amounts are eliminated from residential lot revenues on consolidation.

($000s, except for per share items or unless otherwise noted)			As at Jun. 30, 2025	As at Dec. 31, 2024
Key Balance Sheet Data
Cash and cash equivalents			20,939	21,414
Total assets			597,069	577,718
Loan and credit facilities			138,196	133,494
Shareholders' equity			272,955	266,480
Loan and credit facilities to total assets			23 %	23 %

Outlook

Genesis continues to execute on its 2025 business plan, while carefully monitoring current market conditions. New home orders in the first half of 2025 were lower than 2024, reflecting the current economic uncertainty. Genesis continues to monitor the situation and will take steps to mitigate impacts on its operations, as necessary.

Genesis is also working proactively with key contractor partners, suppliers and industry associations to address business and industry challenges including cost increases, a lack of skilled labour and shortages of some products and materials.

Genesis is continuing to monitor the potential effects of tariffs between Canada and the United States. While the Corporation has minimal direct exposure, with no exports and only limited imports from the United States, there remains significant uncertainty regarding the broader economic impacts on the CMA, Alberta, and Canada which could influence Genesis' land development and housing businesses. Genesis will continue to monitor the situation and take steps to mitigate any potential impacts on its operations.

Additional Information

The information contained in this press release should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2025 and 2024 and the related Management's Discussion and Analysis ("MD&A") dated July 30, 2025 which have been filed with Canadian securities regulatory authorities. Copies of these documents may be obtained via www.sedarplus.ca or our website at www.genesisland.com.

ADVISORIES

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain statements which constitute forward-looking statements or information ("forward-looking statements") within the meaning of applicable securities legislation, including Canadian Securities Administrators' National Instrument 51-102 - Continuous Disclosure Obligations, concerning the business, operations and financial performance and condition of Genesis. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "proposed", "scheduled", "future", "likely", "seeks", "estimates", "plans", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".

Although Genesis believes that the anticipated future results, performance or achievements expressed or implied by forward-looking statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements because they involve assumptions, known and unknown risks, uncertainties and other factors many of which are beyond the Corporation's control, which may cause the actual results, performance or achievements of Genesis to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Accordingly, Genesis cannot give any assurance that anticipated future results, performance or achievements will in fact occur and cautions that actual results may differ materially from those in the forward-looking statements.

Forward-looking statements are based on factors or assumptions made by us with respect to, among other things, opportunities that may or may not be pursued by us; changes in the real estate industry; fluctuations in the Canadian and Alberta economy; changes in the number of lots sold and homes delivered per year; and changes in laws or regulations or the interpretation or application of those laws and regulations. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control.

Forward-looking statements in this news release include, but are not limited to, Genesis' strategy; the ability to take advantage of growth opportunities; anticipated general economic and business conditions (including prospects for the local economy); and areas of continued operational focus.

Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: the impact of contractual arrangements and incurred obligations on future operations and liquidity; local real estate conditions, including the development of properties in close proximity to Genesis' properties and the strength and growth of the Calgary economy and the CMA market; the uncertainties of real estate development and acquisition activity; fluctuations in interest and inflation rates; ability to access and raise capital on favorable terms; not realizing on the anticipated benefits from transactions or not realizing on such anticipated benefits within the expected time frame; the cyclicality of the oil and gas industry; changes in the Canadian / U.S. dollar exchange rate; labour matters; governmental regulations; general economic and financial conditions; stock market volatility; and other risks and factors described from time to time in the documents filed by Genesis with the securities regulators in Canada available at www.sedarplus.ca, including in the Corporation's MD&A under the heading "Risks and Uncertainties" and the Corporation's annual information form under the heading "Risk Factors".

Furthermore, the forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Genesis does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Genesis Land Development Corp.

Contact Information: PS Sidhu, MBA, President and Chief Executive Officer; Rob Sekhon, CPA, CA, Chief Financial Officer, 6240, 333 - 96 Ave. NE, Calgary, AB T3K 0S3, P: 403-265-8079 Toll free: 1-800-341-7211, Email: [email protected], Website: www.genesisland.com