- StorageVault Canada (SVI) has revealed improving financial results in its second quarterly report of 2020
- The storage company made a net loss for the quarter of C$8.7 million, an improvement on 2019’s same quarter net loss of $16.3 million
- Quarterly revenue also increased from $34.3 million in 2019’s same quarter to $37.4 million
- Due to the strong results, StorageVault has increased its quarterly dividend by 0.5 per cent to $0.002693 per common share
- StorageVault Canada (SVI) is holding steady and is trading at $3.15 per share
StorageVault Canada (SVI) has revealed improving financial results in its second quarterly report of 2020.
The company posted a quarterly net loss of C$8.7 million, a halving of the company’s previous net loss of $16.3 million. Quarterly revenue also increased from $34.3 million in 2019’s same quarter to $37.4 million.
Increased revenue was partly attributed to continued demand for the company’s self-storage service. In order to re-open its storage offices during COVID-19, the company installed plexiglass partitions and limited the number of customers in the offices at any one time.
Despite the sustained demand, the total rentals of storage units and lockers reduced during the quarter. Financially, the company managed to secure its a $75 million bought deal financing in unsecured debt after the end of the quarter.
StorageVault currently has $15.9 million in cash and is expanding its quarterly dividend by 0.5 per cent to $0.002693 per common share.
CEO of StorageVault Iqbal Khan said, despite the impacts of COVID-19, the company still achieved a three per cent year on year increase in same store revenue.
“Our results were muted due to reduced rental activity in a period in which h we would normally see a surge in activity due to the seasonal nature of our business.
“Furthermore, we paused rent increases, late charges and administrative fees; by the end of the quarter we re-introduced these where appropriate,” he said.
StorageVault Canada (SVI) is holding steady and is trading at $3.15 per share at 1:30 pm EDT.