Solis reports $3.16m in profits

ERIC Solis Marketing Ltd (Solis) reported a profit after tax of $3.16 million for the third quarter of the financial year – an 80 per cent increase from the $1.75 million recorded for the same period in 2024.

In its unaudited financial results published on the TT Stock Exchange website on March 14, Solis credited its performance to strong sales in its copier and printer division and an expanding footprint in commercial interiors.

Angella Persad, in her chairman's report, noted the company's recent acquisition of Business Equipment & Interiors International Ltd (BEI).

"This acquisition was strategic for the company and cemented our position in the photocopier and printer multifunction market with the addition of the Kyocera brand.

"It also opened up new lines of business in office furniture and commercial interiors, both locally and regionally where BEI has an installed base of high-quality commercial interior finishings."

Solis' revenue for the quarter stood at $21.78 million, a nine per cent increase from $19.92 million in the previous year.

The company’s gross profit also grew by eight per cent to $9.94 million.

Administrative costs increased to $3.70 million from $2.69 million, which was attributed to Solis’ operational expansion.

Persad attributed the improved earnings to "a few large sales that closed during the third quarter," including installations in the company’s new Samsung commercial displays segment.

Solis ended the quarter with a cash balance of $166,265.

Its total equity stood at $30.10 million, up from $17.17 million as of April 30, owing primarily to the BEI acquisition.

Its cash flow statement showed net cash used in operations of $6.75 million, reflecting a shift in working capital due to the acquisition.

Persad said the company expects BEI to contribute positively to Solis’ financial position and cash flow.

"We are therefore pleased to declare an interim dividend of eight cents per share, given our strong growth in profit and our confident optimism regarding the company’s consolidated outlook."

The dividend will be paid on April 11 to all shareholders on record as of March 21.