Global Education Communities Corp. Reports Fiscal 2024 Third Quarter Financial Results

Vancouver, BC / ACCESSWIRE / July 15, 2024 - Global Education Communities Corp. ("GECC" or the "Company") (TSX:GEC)(OTCQX International:GECSF) has released its consolidated financial statements and management's discussion and analysis for Q3 2024 ending May 31, 2024.

GECC reported a 5% increase in total revenue, reaching $58.066 million for the first nine months of 2024. Educational revenues for Sprott Shaw College Corp. grew 7% year-over-year, while GECC’s recruitment and student advisory division (GEA) experienced a 16% increase.

Despite the sale of a hotel property in November 2023, student housing revenues showed substantial growth, rising 33% year-over-year. GECC’s net income before taxes increased by $9.127 million from the previous year, achieving $4.253 million. EBITDA also saw a significant boost, increasing by 72% to $18.445 million.

Looking forward, GECC plans to expand its rental beds with the roll-out of GEC® Kingsway in August 2024 and further projects in the pipeline.