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Yorkton Equity Group Inc. Announces Financial Results for the Second Quarter Ended June 30th, 2024
(TheNewswire) Edmonton, Alberta – (August 21, 2024) – TheNewswire &#x...
About this update from Yorkton Equity Group Inc
[{"type":"text","content":"Yorkton Equity Group Inc. Announces Financial Results for the Second Quarter Ended June 30th, 2024\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Edmonton, Alberta\n \n\n – (August 21, 2024) –\n \n\n TheNewswire\n–\n \n\n Yorkton Equity Group Inc. (TSXV YEG)\n(“Yorkton” or the “Company”) is pleased to announce its\nfinancial results for the second quarter ended June 30\n \n\n tht\n \n\n , 2024.\n \n\n\n\n Mr. Ben Lui, President and CEO of Yorkton, is very\nexcited to announce, “Yorkton’s residential rental revenue\ncontinues its robust growth, increasing by 36.4% to $2.4 million in Q2\n2024 and 61.1% to $4.7 million for the six months ending June 30,\n2024, compared to the same periods in 2023. This sustained growth has\ncontributed to a $1.4 million increase in the fair market value of our\ninvestment properties in Q2 2024, driven largely by strong organic\ngrowth and strategic property acquisitions.  We remain confident that\nAlberta’s multi-family rental market will continue to grow\nthroughout 2024, and Yorkton is well positioned to capitalize on this\ngrowth.”\n \n\n\n\n Q2 2024 Financial Highlights\n \n\n\n\n\n\n During Q2 2024, total rental revenue increased by\n$631,965 or 36.4% to $2,369,400, as compared to Q2 2023.  This was\ncomposed of an increase in rental revenue from the residential\ninvestment properties of $658,261 or 40.5% to $2,283,243 and a\ndecrease in rental revenue from the commercial investment property of\n$26,296 or 23.4% to $86,157.\n \n\n\n\n\n\n\n\n During the six months ended June 30, 2024, total rental\nrevenue increased by $1,778,988 or 61.1% to $4,690,215, as compared to\nthe same period in 2023.  This was composed of an increase in rental\nrevenue from the residential investment properties of $1,844,222 or\n68.8% to $4,523,181 and a decrease in rental revenue from the\ncommercial investment property of $65,234 or 28.1% to\n$167,034.\n \n\n\n\n\n\n\n\n Net rental income increased by $381,616 or 35.7% to\n$1,449,209 in Q2 2024, as compared to Q2 2023, and increased by\n$999,681 or 52.8% to $2,892,332 in the six months ended June 30, 2024,\nas compared to the same period in 2023.\n \n\n\n\n\n\n\n\n The Company recognized a fair value adjustment on the\ninvestment properties of $1,...