StorageVault Canada (TSX:SVI) reported a significant increase in its third-quarter profit late Wednesday, leading to a 10% rise in its share price to C$4.3 by Thursday afternoon. The company attributed this surge to heightened storage demand across its 240 locations nationwide.
The company's Q3 revenue rose from C$69.3 million year-over-year to C$75.7 million. Concurrently, both revenue and net operating income from its existing self-storage locations experienced growth of 5.1% and 4.7%, respectively. This positive performance marked a significant turnaround for the firm, which managed to reverse a previous loss of C$2.1 million, posting a net income of C$16.4 million.
In an effort to expand its footprint in Canada's top markets, StorageVault has been actively pursuing strategic partnerships and acquisitions. Notably, in June, the company entered into a partnership with Automotive Properties Real Estate Investment Trust to jointly purchase a Quebec automotive dealership property for C$16.1 million, with the cost being split equally between the two parties.
StorageVault continues to operate a network of 240 storage locations across Canada, demonstrating its commitment to meeting the growing demand for storage solutions in the country.
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