Standard Premium Finance Holdings Reports Q2 2024 Results
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Standard Premium Finance Holdings Reports Q2 2024 Results
Standard Premium Finance Holdings, Inc. (OTCQX: SPFX) recently released its financial results for its second quarter of fiscal year 2024 ended June 30, 2024.
“Standard has delivered record quarterly revenues,” said William Koppelmann, CEO of Standard. “Adjusting to the unprecedented interest rate increases required a balance of resilience and keen insight that steered us soundly through a turbulent macroeconomic environment. As we anticipate decreasing rates in the coming months, Standard expects that the opposite forces will provide an opportunity for further increased profitability. Our current position supports Standard’s growth trajectory expanding into new geographic territories.”
Second Quarter 2024 Financial Highlights
Key Financial Metrics
- Revenue: Total revenue exceeded $3,000,000, an increase of 35% from the previous year's second quarter.
- Loan Originations: Total loan originations surpassed $40,000,000, an increase of 25% from the same quarter last year.
- Net Income and EPS: Net income increased 86% year-over-year, with earnings per share of $0.11 for the quarter.
- Average APR: The weighted-average APR on new loans increased to 17.58%, a rise of 62 basis points compared to last year.
- Preferred Dividends: Dividends of 7% APY on preferred stock were declared and paid.
- Return on Equity: The Company achieved a return on equity exceeding 23% for the second quarter of 2024.
Company Overview
Standard Premium Finance Holdings, Inc. (OTCQX: SPFX) is an industry-specific holding company pursuing merger and acquisition opportunities of synergistic businesses to take advantage of the economies of scale within the specialty finance industry. The company has provided financing solutions in excess of $2 Billion to businesses and individuals to secure coverage for their property and casualty insurance policies. SPFX operates in more than thirty-five states throughout the U.S. With a market exceeding $80 Billion in total premiums financed annually, SPFX continuously seeks advantages of roll-up opportunities in a historically consolidating industry while providing maximum value for its shareholders.
For more information, please contact Media Relations at info@standardpremium.com.
Frequently Asked Questions
What are the key financial highlights for Q2 2024?
Standard reported total revenue exceeding $3 million, with a 35% increase from the previous year, and loan originations over $40 million.
How did net income change in Q2 2024?
Net income for the quarter increased by 86% compared to Q2 2023, with earnings per share reaching $0.11.
What is the average APR on new loans?
The weighted-average APR on new loans increased to 17.58% for Q2 2024.
How is the company positioned for the future?
Standard anticipates a decrease in interest rates, which they believe will provide opportunities for increased profitability and expansion.
What is the focus of Standard Premium Finance Holdings, Inc.?
The company focuses on acquiring synergistic businesses to leverage economies of scale within the specialty finance industry.
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