Q4 2024 Dream Unlimited Corp Earnings Call Transcript
Key Points
- DREAM Unlimited Corp (DRUNF) reported its second-highest profits in total dollars, with the highest ordinary income ever at $2.86 per share.
- The Western Canada Land division finished 2024 with record profits and strong free cash flow, with $105 million in pre-sales for 2025.
- The asset management division closed a $1 billion joint venture in the Netherlands and announced a new $2 billion joint venture for Canadian multi-family apartments.
- The income property division is performing well, with a large pipeline of units in development and attractive financing rates secured.
- The company has a robust liquidity position of $367 million, up from $257 million in the previous quarter, providing financial flexibility.
- There is significant uncertainty in the market, with potential threats such as tariffs and political changes affecting the company's cautious approach to liquidity.
- The asset management business saw a decrease in revenue and net margin compared to the previous year, driven by slower development activity.
- The company is experiencing some softening in the Calgary housing market, although it continues to perform well in certain areas.
- Cash taxes paid were significantly higher at $125 million, partly due to non-recurring legacy accruals and the tax impact of asset sales.
- The corporate structure complexity, with multiple subsidiary companies, may not be fully recognized in the overall corporate valuation.
Good morning, ladies and gentlemen. Welcome to the Dream Unlimited first quarter conference call for Wednesday, February 26, 2025. During this call, management of Dream Unlimited Corp they make statements containing forward-looking information within the meaning of applicable securities legislation.
Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream Unlimited Corps control that could cause actual results to differ materially from those that are disclosed or implied by such forward-looking information. Additional information about these assumptions and risks and uncertainties is contained in Dream Unlimited Corps filings with securities regulators, including this latest annual information form and MD&A.
These filings are also available on Dream Unlimited Corp's website at www.dream.ca. Later in the presentation, we will have a question and answer session. (Operator Instructions) Your host for today will be Mr. Michael Cooper,
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