Solis reveals marginal growth
ERIC Solis Marketing Ltd (Solis) posted its first unaudited quarterly results since releasing its initial public offering and becoming listed on the TT Stock Exchange’s small and medium-sized enterprises (SME) market.
The statement for the first quarter of the financial year 2025, published on September 13, showed total assets at $23.7 million – a slight decrease from $23.8 million in the audited results from April 2024 but an improvement from $22.1 million in July 2023.
Revenue for the quarter increased to $6.85 million, up from $6.53 million in the same period last year.
Solis chairperson Angella Persad boasted the company’s “consistent performance,” materially in line with the corresponding period in its financial year.
She said, “Revenue grew by approximately five per cent in the first quarter of the financial year 2025 versus 2024, due to two factors – increased governance, marketing and administrative costs incurred to prepare for the listing of the company on the TT Stock Exchange SME market and increased rental costs, associated with additional warehousing to provide the infrastructure for growth.”
She noted the company saw its service rating increase from 88 per cent in the previous quarter to 92 per cent now.
Apart from becoming only the third-ever listing on the TTSE SME market, Persad boasted that the IPO was the first by an SME to be over-subscribed.
“We view this responsibility of managing the public’s capital (along with our own) with respect.”
Persad said Solis is committed to transparency and is focused on rolling out its strategy of organic growth of its core multifunction printer/copier brands along with diversified growth through its lines of technology-related business.
“Our company is recruiting additional salespersons to execute this strategy more rapidly (and) maintaining a focused and grounded discipline in the quality of our service delivery to existing customers.”
The results revealed a profit before tax of $911,015, down from $1.14 million a year earlier.
After accounting for taxes, net profit stood at $617,159, compared to $784,641 in July 2023.
The board approved the unaudited statements on September 5.
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