CALGARY, AB, July 30, 2024 /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, 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 first half of 2024: 2024 Highlights (Q2 2024 and YTD 2024) $163.3 Million of Revenues in YTD 2024: Genesis generated revenues of $163.3 million in YTD 2024 up from $90.5 million achieved in YTD 2023. Q2 2024 revenues of $95.0 million were higher when compared to $53.2 million generated in Q2 2023. $15.0 Million of Net Earnings in YTD 2024: Net earnings attributable to equity shareholders in YTD 2024 were $15.0 million ($0.26 net earnings per share - basic and diluted), compared to net earnings attributable to equity shareholders of $4.3 million ($0.07 net earnings per share - basic and diluted) in YTD 2023. Net earnings attributable to equity shareholders in Q2 2024 were $8.0 million ($0.14 net earnings per share - basic and diluted), compared to net earnings attributable to equity shareholders of $4.1 million ($0.07 net earnings per share - basic and diluted) in Q2 2023. Acquired 734 Acres of Development Lands: In Q2 2024, Genesis closed the acquisition of 734 acres of development land in southeast Calgary for $53.9 million. Genesis also closed the acquisition of 160 acres of development land located in southeast Calgary for $29.5 million. Huxley Lands Limited Partnership ("HLLP"): In Q2 2024, Genesis entered into binding agreements to sell a 20% ownership stake in HLLP to each of two Calgary based third party home builders for gross proceeds of $21.4 million. The transactions are scheduled to close in Q4 2024. Partners are selected carefully, to add value to the execution of the community's development program. 354 Lots Sold: In YTD 2024, Genesis sold 354 residential lots (213 to third-party builders and 141 through its home building division, Genesis Builders Group Inc. ("GBG")), an increase of 113% from 166 lots in YTD 2023 (75 to third-party builders and 91 through GBG). In Q2 2024, Genesis sold 231 residential lots (121 to third-party builders and 110 through GBG), an increase of 122% from 104 lots in Q2 2023 (45 to third-party builders and 59 through GBG). 192 Homes Sold: In YTD 2024, Genesis sold 192 homes, an increase of 49% from 129 homes sold in YTD 2023. In Q2 2024, Genesis sold 107 homes, an increase of 55% from the 69 sold in Q2 2023. 235 New Home Orders: New home orders for the six months ended June 30, 2024 were 235 units compared to 156 units for the same period in 2023. During Q2 2024, Genesis had 122 new home orders compared to 132 for Q2 2023. As of June 30, 2024, Genesis had 290 outstanding new home orders, compared to 232 as at June 30, 2023. Land Servicing Activity: In YTD 2024, land servicing activity amounted to $20.3 million compared to $25.4 million in YTD 2023. Genesis continues to make significant progress in servicing the three new communities that commenced in 2023 and two new phases in two existing communities in 2024. Cash on Hand of $39.4 Million: On June 30, 2024, Genesis had $39.4 million in cash and cash equivalents and loan and credit facilities of $133.6 million which is 27% of the total book value of assets. Selected Financial Results and Operating Data: Three months ended June 30, Six months ended June 30, ($000s, except for per share items or unless otherwise noted) 2024 2023 2024 2023 Key Financial Data