Ginkgo Mortgage Investment Corporation’s AGM Highlights Stellar 2023 Performance and Growth Initiatives

Facebook
Twitter
LinkedIn
WhatsApp

TORONTO, ON / ACCESSWIRE / January 30, 2024 / Ginkgo Mortgage Investment Corporation (Ginkgo MIC) successfully convened its 2024 Annual General Meeting in person last Saturday in Toronto, marking a year of substantial achievements and strategic advancements.

Key Achievements Unveiled:

1. Consistent Portfolio Growth:

Ginkgo MIC proudly reports a notable year-over-year surge, achieving a substantial portfolio size of $135 million. This outstanding 13% growth underscores the company’s unwavering commitment to strategic expansion and sound investment practices.

2. Robust Retained Earnings:

For the fiscal year concluded on August 31, 2023, Ginkgo MIC disclosed an impressive net income of $9.3 million. Additionally, the company distributed dividends totaling $8.8 million, culminating in retained earnings of $1.9 million. These robust retained earnings not only attest to the company’s financial resilience but also position it favorably to attain its targeted 9.75% and 9.00% annual dividend for Series 1 and Series 2, respectively, in 2024.

3. Proactive Risk Mitigation:

In response to prevailing market conditions, Ginkgo MIC proactively bolstered its provisions for bad debts by an additional $636 thousand, bringing the total to $2.1 million as of August 31, 2023. This financial prudence is a clear manifestation of the company’s commitment to upholding a robust and secure investment portfolio.

CEO’s Perspective:

Henry Tse, CEO of Ginkgo MIC, shared his appreciation for these significant achievements, saying, "I want to express my sincere gratitude to our investors for trusting us. Despite the challenges faced in the 2023 market, we’ve seen consistent growth in the size of our fund. Our strong portfolio growth and careful risk management practices highlight our commitment to providing reliable and profitable investment opportunities. The substantial retained earnings give us the ability to deliver on our promise to shareholders through appealing dividends. Since we started in 2011, our team has distributed over $45 million in dividends, showcasing a strong track record. I take great pride in our team’s dedication and hard work."

For any questions regarding this news release or Ginkgo’s portfolio performance, you can contact Yvonne Leung at +1-416-990-5567 or Elaine Mak at +1-647-660-2293 or investor@ginkgomic.com. 

About the Corporation:  Ginkgo Mortgage Investment Corporation was founded in 2011 as a "mortgage investment corporation" for purposes of the Income Tax Act (Canada). As such, its business consists in the lending of money, principally to individuals, to acquire, develop, maintain, or upgrade residential real estate or other real property, against the security of a mortgage granted on such property. Ginkgo conducts its mortgage lending activities on properties located in Canada, primarily in the Greater Toronto Area (GTA), Greater Vancouver Area (GVA), Alberta (Edmonton and Calgary), and the Winnipeg communities. Ginkgo’s objective is to generate income while preserving, for its shareholders, capital for reinvestment. Since its inception, Ginkgo has paid over $45 million in dividends to investors.

Legal Disclaimers

This press release is intended for information purposes only and does not constitute an offer to sell or a solicitation to buy securities. No securities regulatory authority or regulator has assessed the merits of the information herein or reviewed this press release. Further, the contents of this press release should be read in conjunction with Ginkgo’s offering memorandum dated April 25, 2023, as amended from time to time, a copy of which can be made available to you by contacting us.

Past Performance; No Guarantees

Past performance is not a guarantee of future results and readers should not assume that the future performance of Ginkgo will be equal to or better than Ginkgo’s historical performance.

Target yields concerning Ginkgo’s preference shares are merely targets determined from time to time by the Board of Directors in its sole discretion based on several factors including but not limited to the general economic conditions, local real estate markets, and prevailing levels of interest rates. The payment of dividends is subject to the discretion of the Board of Directors to establish working capital and other reserves for Ginkgo. Readers should not confuse Ginkgo’s target yields with Ginkgo’s rate of return or yield. There is no guarantee that Ginkgo will be able to pay dividends at the levels targeted. The amount of dividends declared may fluctuate from time to time and there can be no assurance that Ginkgo will declare any dividends in any particular month or months or that Ginkgo will declare a special dividend for the same amount or at all in subsequent fiscal periods.

Forward-Looking Statements

Certain statements provided in this press release, to the extent that they relate to Ginkgo and its views or predictions about possible events, conditions, or results of operations that are based on assumptions about future economic conditions and courses of action and include future-oriented financial information with respect to prospective results of operations, financial position or cash flows that is presented either as a forecast or projection, may be "forward-looking statements" within the meaning of that phrase under applicable Canadian securities laws.

Although Ginkgo believes that expectations reflected in any forward-looking statements provided in this press release are reasonable, they cannot guarantee future results, levels of activity, performance, or achievements. Forward-looking statements are based on the current expectations, estimates, and projections of Ginkgo, and involve a number of known and unknown risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated.

The forward-looking statements herein are made as of the date they are provided in this press release. Except as otherwise required by law, Ginkgo does not intend to and assumes no obligation to, update or revise any forward-looking statements it may provide in this press release, whether because of new information, plans or events, or otherwise. Readers are cautioned not to place undue reliance on any forward-looking statements in this press release as there can be no assurance that the conditions, events, plans, and assumptions on which they are based will occur.

SOURCE: Ginkgo Mortgage Investment Corporation

View the original press release on accesswire.com