CIBT Reports Financial Results for Fiscal Year Ended August 31, 2019
Vancouver, BC, Dec. 02, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CIBT Education Group Inc. (“CIBT” or the “Company”) (TSX: MBA, OTCQX International: MBAIF) is pleased to report that it has filed on SEDAR its annual audited consolidated financial statements (the “Annual Financial Statements”) and related Management’s Discussion & Analysis (“MD&A”) (collectively, the “2019 Financial Report”) for the fiscal year ended August 31, 2019 (“Fiscal 2019”). This news release should be read in conjunction with the 2019 Financial Report in its entirety. To review the 2019 Financial Report, please visit CIBT’s profile at www.sedar.com.
The following table presents selected financial data from the 2019 Financial Report with comparisons:
Some noteworthy milestones for Fiscal 2019 are:
“According to a recent report published by ICEF Monitor, a dedicated market intelligence resource for the international education industry (*1), the number of international students studying in Canada has grown to 572,000 students from 492,000 in 2018,” Mr. Chu noted. “This trend reaffirms our international expansion plan for Sprott Shaw College commenced 12 years ago and reflects an increase in demand for student housing.
“According to a Canada Mortgage and Housing report (*2), the vacancy rate for rental housing in Vancouver remains at 0.3% to 1%. Management of CIBT believes the shortage will continue which should cause the rental rate to move-up and resale value of rental properties to also increase. Since 2015, our student housing portfolio has grown to ten projects under the GEC® brand. Total portfolio value including both revenue-producing properties and properties under-development when fully built-out is estimated to be $1.38 billion.
“In the future, we plan to continue to exit certain GEC® projects when attractive divestment opportunities arise, while staying on as master-lease tenant so that we can grow the recurring rental income. We intend to add more properties to our portfolio, increase the scale of each new GEC® project, and repeat our business model throughout Metro Vancouver with possible future expansion to the east coast and abroad. In addition to exploring acquisition opportunities in Metro Vancouver, we plan to investigate opportunities in Metro Toronto so that our future education assets in Toronto can become our stepping stone to establish our Global Education City® model in Eastern Canada.”
(*1) ICEF Monitor: https://monitor.icef.com/2019/02/canadas-foreign-student-enrolment-took-another-big-jump-2018/
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