- Solution Financial (SFI) is celebrating its tenth consecutive profitable quarter with the release of its Q2 2021 financial results
- Net revenue increased 103 per cent over Q2 2020 to C$5,581,297
- The company’s total lease and finance portfolio decreased 4 per cent to $23,442,990
- Solution Financial specializes in sourcing and leasing luxury and exotic vehicles, yachts and other high-value assets
- Solution Financial (SFI) is trading flat at $0.42 per share
Solution Financial (SFI) is celebrating its tenth consecutive profitable quarter with the release of its Q2 2021 financial results.
Highlights
- Net revenue increased 103 per cent over Q2 2020 to C$5,581,297
- Net income was $199,695 or $0.002 per share for the quarter, compared to $39,595 or $0.001 per share in Q2 2020
- Adjusted net income was $239,094 or $0.003 per share, compared to $220,997 or $0.003 per share in Q2 2020
- Operating cash flow for the six months ended April 30, 2021 decreased to $2,589,176, compared to $2,832,011 for the quarter ended April 30, 2020
- On April 30, 2021, Solution had 293 vehicles in its lease portfolio, a net decrease of 8 vehicles and $1.1 million for the quarter
- The total lease and finance portfolio decreased 4 per cent to $23,442,990
- As of April 30, 2021, Solution’s 293 leases were generating annualized rental revenue of $5.9 million, a 3.01 per cent decrease during the quarter
- Quarterly dividend on common shares of $0.001 per share or roughly 0.9 per cent of returns at a share price of $0.45
Bryan Pang, Solution’s CEO, commented,
“Our Q2 earnings remained consistent with expectations and we’re proud to celebrate our tenth profitable quarter. 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 $30 million.”
Solution Financial specializes in sourcing and leasing luxury and exotic vehicles, yachts and other high-value assets.
Solution Financial (SFI) is trading flat at $0.42 per share as of 2:24 pm ET.
