Business
Builders Capital Mortgage Corp. Releases Annual Financial Statements; Reports Strong Results for 2022
Increasing market activity creates full capital utilization and drives higher profits. Calgary, ...
About this update from Builders Capital Mortgage Corp. Class A
[{"type":"text","content":"Builders Capital Mortgage Corp. Releases Annual Financial Statements; Reports Strong Results for 2022Increasing market activity creates full capital utilization and drives higher profits.Calgary, Alberta--(Newsfile Corp. - April 18, 2023) - Builders Capital Mortgage Corp. (TSXV: BCF) (\"Builders Capital\" or \"the Company\") announced today the release of its annual report and financial results for the year ending December 31, 2022. Highlights include:Fourth quarter 2022 results were underpinned by strong utilization across our assets, reflecting the continued high demand for our services.Consistent with our targeted distribution plan and our dividend history since inception, dividend payments of $0.80 per share were paid to Class A shareholders in 2022.Total comprehensive income grew to $2.7 million, up 16.2% year-over-year.Assets held for sale were successfully reduced by 32% and now represent only 4.1% of shareholders' equity.Geographic diversity of our portfolio was further enhanced with continued growth in the BC market and our recent expansion into Nova Scotia.The net mortgage portfolio grew to represent 117% of Shareholders' equity at year-end.In commenting on these results, Sandy Loutitt, President of Builders Capital, stated:\"Builders Capital is happy to release its year end results for 2022, and we are particularly happy with the level of success on display in that financial report, both in terms of the return on capital that the Company has been able to deliver to shareholders and the general business success our management team has been able to engineer over the course of a period that was, on a number of levels, quite challenging.\"\"Despite ongoing inflationary and recession concerns on macro-economic levels, the business environment in which Builders Capital operates has responded very positively to the form and style of services that we provide. While other lenders may be withdrawing or limiting their exposure, the ability of our Company to maintain direct and tight control of funding applications, plus the widened geographic sphere of activity that we have developed, has created an operating environment that is both robust and insulated from certain of the risks to which others may be exposed. That our lending book currently remains fully utilized - with a number of other eligible clients waiting in the wings -...