Business
Solution Financial Reports Q1 2023 Financial Results
Calgary, Alberta and Vancouver, British Columbia--(Newsfile Corp. - March 15, 2023) - Solution F...
About this update from Solution Financial Inc.
[{"type":"text","content":"Solution Financial Reports Q1 2023 Financial ResultsCalgary, Alberta and Vancouver, British Columbia--(Newsfile Corp. - March 15, 2023) - Solution Financial Inc. (TSX: SFI) (the \"Company\"), a leading provider of luxury automotive and yacht leasing in Canada, today announced its financial results for the first quarter ending January 31, 2023. Earnings Highlights for the Quarter:Revenues were $5.1 million, down marginally from the comparative quarter which was $5.3 million.Net loss was $328,781 compared to net income of $226,724 during the comparative quarter due primarily to the one-time financing fees associated with the SunLife $35 million facility secured in the quarter.Adjusted net income(1) was $71,717, down from $308,751 during the comparative quarter. Total lease portfolio decreased to $24.8 million compared to $26.2 million during the prior quarter.\"The first quarter of 2023 was focused on strategic growth, with the finalization of the SunLife securitization financing facility in late December and the kickoff of several initiatives to begin putting this additional capital to productive use,\" began Bryan Pang, Solution's CEO. \"We are enthusiastic about rolling out a new near-prime leasing program next month with our key partner dealerships and a new corporate luxury leasing program with interested businesses in Vancouver and Calgary. These programs aim to expand our lease offerings while rising lending rates and recessionary warnings have cooled the volume of new origination opportunities in our traditional leasing markets. We continued to see good sales opportunities in the ultra-luxury market, which bolstered our performance despite the quarterly loss, primarily due to the one-time financing fees associated with the new financing facility. We are also very enthusiastic about the increased immigration targets for 2023 through 2025, recently announced by the Canadian Government. The goal is to increase the number of new permanent resident immigrants to Canada from the current level of 405,000 per year to 500,000 by 2025. People are often not completely aware that many of these new immigrants bring considerable wealth with them when they immigrate to Canada, and Solution has developed leasing packages well suited to this demographic that are welcoming and supportive while they establish themselves in Canada,\" conclude...