StorageVault reports Q3 profit surge, share price up 7.6% By Investing.com

<p> <br />
</p>
<div>
<div>
<img decoding="async" alt="StorageVault reports Q3 profit surge, share price up 7.6%" id="carouselImage" src="https://i-invdn-com.investing.com/news/LYNXNPEAB20I9_L.jpg" style="visibility:hidden" /><br />
<span>© Reuters. </span><br />
<i class="imgGrad"/>
</div>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p><em>This article was generated with the support of AI and reviewed by an editor. For more information see our T&amp;C.</em></p>
</div>
<p><br />
<br /><a href="https://www.investing.com/news/stock-market-news/storagevault-reports-q3-profit-surge-share-price-up-76-93CH-3210765">Source link </a></p><p>The post <a href="https://forextraderhub.com/storagevault-reports-q3-profit-surge-share-price-up-7-6-by-investing-com.html">StorageVault reports Q3 profit surge, share price up 7.6% By Investing.com</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>