From GlobeNewswire: 2025-03-13 18:40:00

Melcor Developments Ltd. reported a strong year in 2024 with revenues up 12.6% and earnings up 10.8%. The company completed five new buildings and reduced general debt by 8.8%. A proposed acquisition of Melcor REIT is in progress, with a dividend of $0.11 per share declared for March 31, 2025.

Timothy Melton, Melcor’s CEO, expressed optimism for the future despite economic challenges. The company’s focus on balance sheet discipline and strategic commercial development positions them well for growth. Revenue in 2024 was $349.50 million, up 10.9%, with net income at $33.53 million.

Melcor’s Land division saw exceptional results in 2024, with revenues up 12.6%. Edmonton and Calgary regions contributed significantly to land revenues. Properties division revenue increased slightly, with construction completed on five new buildings totaling 95,558 sf.

Despite economic shifts, Melcor remains cautiously optimistic for 2025. The company’s diversified real estate portfolio, including residential and commercial properties, positions them to meet market demand in various conditions. Melcor has a proven record of resilience and profitability.

Financial highlights for Melcor in 2024 include revenue of $349.50 million, up 10.9%, and net income of $33.53 million. Funds from operations (FFO) increased by 11.1% to $93.81 million. The company’s focus on FFO as a true measure of financial performance has been key to their success.

Melcor’s outlook for 2025 includes expectations of continued strength in residential and commercial developments. Increased migration to Alberta is driving demand for residential development, particularly in suburban communities. The company also anticipates improved land sales in their US operations.

Forward-looking statements by Melcor emphasize their strategic initiatives for 2025 and beyond. The company acknowledges risks and uncertainties in the business and economic environment but remains committed to a conservative, disciplined approach. Investors are cautioned to consider these factors when evaluating future performance.



Read more at GlobeNewswire:: Melcor Developments announces results for 2024, declares