Q2 2021 Financial Highlights | Solution Financial

Описание: Vancouver, British Columbia--(Newsfile Corp. - June 29, 2021) - Solution Financial Inc. (TSXV: SFI) (the "Company"), a leading provider of luxury automotive and yacht leasing in Canada, today announced its financial results for the second quarter ending April 30, 2021.

Earnings Highlights for the Quarter:
Net income increased to $199,695 and Adjusted net income(1) increased to $239,094.
Net revenue increased 103% over the prior year quarter to $5,581,297.
Total lease and finance portfolio decreased 4% to $23,442,990 over the prior quarter.
Quarterly dividend on common shares of $0.001 per share or roughly 0.9% returns at the Company's current share trading price of $0.45 per share.

"Our Q2 earnings remained consistent with expectations and we're proud to celebrate our tenth profitable quarter," began Bryan Pang, Solution's CEO. "Remaining profitable through COVID was an important validation of our business model and we are excited about the improving return to work and post-secondary schools opening for in person classes next fall. The automotive business remains much slower than pre-COVID for new automobile releases due to the limited availability of certain automotive components (microprocessors), but we have seen record second-hand vehicle sales as a result, that has been very good for our business. Our top line sales increased significantly by selling certain vehicles at a premium due to the vehicle shortage, although this has resulted in a decrease in our total in house portfolio. The recent expansion into Ontario and when new vehicle sales catches up to demand, we are well positioned to target our next major milestone of growing our lease portfolio up over $30M," concluded Bryan.

TSX.V: SFI
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