Vancouver-based Tribe Property Technologies this week posted record quarterly revenue.
The B.C. firm generated more than $6 million in revenues, a 28% increase over the year-ago quarter.
“The second quarter was transformational for the company,” stated chief executive officer Joseph Nakhla.
During the quarter, Tribe acquired Toronto’s DMSI Holdings, a move which “significantly improved Tribe’s profitability profile,” according to Nakhla.
“The acquisition and integration of DMSI expands the company’s footprint in residential rental and commercial property management,” the CEO stated, “making Tribe the second largest multi-family rental management company in Canada, encompassing over 19,000 units in addition to more than 30,000 strata and condo units managed nationally.”
Nakhla anticipates “continued revenue growth in the second half of the year, driven by organic growth and the DMSI acquisition.”
The growth builds on earlier pursuits of profitability.
“Improving profitability has been Tribe’s strategic focus over the past year,” said Nakhla, “and we’re delighted to report that our efforts are yielding significant results, as reflected in our current expectation of achieving positive Adjusted EBITDA by the end of the year, followed by positive cash flows in 2025.”
Going public in 2021 and later raising capital in 2022, Tribe hired a new CFO in 2023.
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