GECC Reports Financial Results for Fiscal Year Ended August 31, 2023

November 29, 2023

Vancouver, B.C., November 29, 2023 – Global Education Communities Corp. (“GECC” or the “Company”) (TSX: GEC, OTCQX International: GECSF) reports that it has filed on SEDAR+ its annual audited consolidated financial statements (the “Annual Financial Statements”) and related Management’s Discussion & Analysis (the “MD&A”) (collectively, the “2023 Financial Report”) for the fiscal year ended August 31, 2023 (“Fiscal 2023”). This news release should be read in conjunction with the 2023 Financial Report in its entirety. To review the 2023 Financial Report, please visit GECC’s profile at

The following table presents selected financial data from the 2023 Financial Report with comparisons. All figures are in thousands of Canadian dollars, except share and per share data, unless otherwise noted.

(1) See section “Non-IFRS Financial Measures” for more information on each non-IFRS specified financial measure.
(2) Percentage change amounts reflect the relative change in the individual balance with the impact (negative or positive) on net income.

The following tables reconcile EBITDA and Adjusted EBITDA, non-IFRS financial measures, to the most directly comparable IFRS measure disclosed in the 2023 Financial Report, which is net loss.

(1) Interest income not associated with operations which is a component of interest and other income, net including in Note 20 to the Annual Financial Statements.
(2) Includes amortization of agency fees which is a component of educational direct costs and included in Note 9 to the Annual Financial Statements.
(3) Included in finance costs within Note 19 to the Annual Financial Statements.

“We are pleased to report that GECC continued to demonstrate strong growth in Fiscal 2023 as highlighted by our total revenues which increased 7% year-over-year to over $78 million,” said Toby Chu, President, CEO and Chairman of Global Education Communities Corp. “Furthermore, we saw a significant increase in both our international education and rental revenues, highlighting the high enrolment of international students and the adjustments made to the rental prices of our business and improved occupancy rates. Overall, we were able to drive our gross profit, resulting in an EBITDA of roughly $20 million during this fiscal year.”

Toby added, “With an increasing supply of international students moving to Vancouver in addition to the city’s low vacancy rate, we aim to continue scaling our real estate portfolio for the growing tenant population. Furthermore, the federal government of Canada has proposed new legislation to remove the Goods and Services Tax on the construction of new rental apartments which, if implemented, will provide further incentives to us in connection with our current projects and enable us to achieve substantial cost savings. Moving forward, we will also evaluate new opportunities to drive further growth in our business.”

Key Financial Highlights in Fiscal 2023 compared to Fiscal 2022:

  • Total revenue for Fiscal 2023 was $78.60 million, an increase of 7% year-over-year.
  • Rental revenue from the GECH housing division was $21.130 million, an increase of 14% year-over-year.
  • International education revenue from SSLC/VIC was $13.934 million, an increase of 37% year-over-year.
  • EBITDA was $19.976 million, an increase of $59.124 million year-over-year.

Key Operational Highlights in Fiscal 2023:

  • Higher International Student Enrolment: International student enrolment in language and career programs has recovered well after the COVID-19 pandemic.
  • Significant Real Estate and Student Housing Revenue Growth: Improved occupancy rate, higher average rental rates, and the start of operations of GEC® King Edward in the fourth quarter ended August 31, 2023 (“Q4 2023”) contributed to an overall increase in rental revenue in Fiscal 2023, while the removal of travel restrictions during the fiscal year ended August 31, 2022 and pent-up demand from travelers and students contributed to the increase in hotel property revenues.
  • GEC® King Edward: Construction for the GEC® King Edward project was completed in June 2023, and it entered its first operational period in Q4 2023.

Material events occurring after August 31, 2023, include:

  • GEC® Kingsway: In September 2023, the Company announced the signing of a Memorandum of Understanding (the “MOU”) to deploy its new business segment Master Lease Partnership Program. The MOU details the business terms to master lease approximately 80,000 gross buildable square feet of market rental apartments from a local developer, to be named GEC® Kingsway. The launch date for GEC® Kingsway is expected to be in May 2024.
  • GEC® Viva: In September 2023, the Company signed a five-year lease extension agreement for GEC® Viva. The new lease agreement expires in December 2028, and the Company has the option to extend the lease for a further five years.
  • GEC® Granville: In October 2023, the Company signed a Purchase and Sale Agreement to sell the GEC® Granville property for $70 million. The transaction was completed on November 28, 2023.
  • GEC® Oakridge: GEC® Oakridge received its development permit on July 6, 2023; the building permit process is in progress. The project is a planned 18-storey concrete residential rental tower that will accommodate 475 occupants, which will add to the Company’s current portfolio and increase rental and development fee revenues.
  • GEC® Langara: In November 2022, the Company formed a new limited partnership associated with a new project called GEC® Langara, with plans to purchase a property near the Langara – 49th Canada Line station.

About GECC:

GECC is one of Canada’s largest education and student housing investment companies focused on the domestic and global education market since 1994. GECC owns business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 41 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. (“SSCC”) (established in 1903), Sprott Shaw Language College (“SSLC”), Vancouver International College Career Campus (“VIC”) and CIBT School of Business & Technology Corp. (“CIBT”). GECC offers over 150 educational programs in healthcare, business management, e-commerce, cyber-security, hotel management, and language training through these schools. In 2022, GECC serviced over 13,000 domestic and international students through its educational, rental housing and recruitment subsidiaries.

GECC owns Global Education City Holdings Inc. (“GECH”), an investment holding and development company focused on education-related real estate such as student-centric rental apartments, a hotel and education super-centres. Under the GEC® brand, GECH provides accommodation services to 92 schools in Metro Vancouver, serving 3,000 students from 71 countries. The total portfolio and development budget under the GEC® brand is nearly $1.3 billion.

GECC also owns Global Education Alliance Inc. (“GEA”) and Irix Design Group Inc. (“IRIX”). GEA recruits international students for elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix Design is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at

For more information, contact:

Toby Chu

Chairman, President & CEO

Global Education Communities Corp.

Investor Relations Contact: 1-604-871-9909 extension 319 or | Email:


Some statements in this news release contain forward-looking information (the “forward-looking statements“) about the Company and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include, without limitation, plans to remove the Goods and Services Tax on the construction of new rental apartments which will enable the Company to achieve substantial cost savings, the expected launch date of GEC® Kingsway, and plans to purchase a property for GEC Langara near the Langara – 49th Canada Line station. The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the “Risks”) that could cause GECC’s actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. The Risks include, without limitation, customary risks of the construction industry, unexpected delays or requirements of the applicable municipalities, a failure of the federal government to implement to remove the Goods and Services Tax on the construction of new rental apartments and the risk factors identified in the MD&A forming part of the 2023 Financial Report. Forward-looking statements are based on the beliefs, opinions and expectations of GECC’s management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.


The Company has included certain non-IFRS financial measures throughout this document including: (a) Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”); (b) Adjusted EBITDA which is EBITDA adjusted for the gain (loss) on change in fair value of the Company’s investment properties, the provision for expected credit losses on development and other assets, the impairment of development assets, and the gain (loss) on change in fair value of derivative instruments; and (c) Gross Profit (“Gross Profit”) which is the difference between revenue and direct costs of sales. These non-IFRS financial measurements do not have any standardized meaning as prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management uses EBITDA and Adjusted EBITDA metrics to measure the profit trends of the business units and segments in the consolidated group since it eliminates the effects of financing decisions. Management uses Gross Profit to assess how efficiently the Company generates profit from the sale of goods or services. Certain investors, analysts and others utilize these non-IFRS financial metrics in assessing the Company’s financial performance. These non-IFRS financial measurements have not been presented as an alternative to net income (loss) or any other financial measure of performance prescribed by IFRS. Reconciliation of the non-IFRS measures have been provided throughout the Company’s MD&A, as applicable, filed under the Company’s profile on

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