Solis Marketing Ltd appoints new auditors

MARKETING solutions provider Eric Solis Marketing Ltd (Solis) has announced the appointment of a new external auditor, effective February 20.

In a notice of material change, Solis said BDO Trinity Ltd will be replacing previous auditors Johnson Lee Tang and Co.

"Solis extends appreciation to Johnson Lee Tang and Co chartered accountants for its professional services in the past," the notice said.

Earlier in the month, Solis announced the acquisition of Business Equipment & Interiors International Ltd (BEI). Solis said this acquisition increases its market share and strengthens its core copier and printer business as well as positions the company as a diversified player in the office furniture and office interiors markets.

For the first half of the financial year 2024, Solis reported a decline in net profit, which went from $1.39 million to $1.14 million.

The decline was attributed to increased administrative costs and slower demand for multifunctional devices compared to the previous financial year.

Despite recording a dip in net profits, the company maintained a solid cash position of $10.69 million as of October 31, 2024, driven by proceeds from its recent initial public offering (IPO).

"Solis’ balance sheet remains strong with shareholders’ equity of $28.09 million as of October 31, 2024," chairman Angella Persad noted in the unaudited summary results on December 10, 2024.