Solvar Limited (ASX: SVR), a prominent automotive finance provider, reports its full-year outcomes for the period ending 30 June 2023. The Group attained a total revenue of AU$209.3 million, reflecting a notable 11.4% upsurge. A final dividend increase of 28.6% to 9.0 cents per share (fully franked) has been declared, with payment scheduled for 9 October 2023. The fiscal year also witnessed a 24.1% rise in the gross loan book to AU$910.1 million, accompanied by a 14.6% boost in new loan originations totalling AU$535.3 million.
Noteworthy financial growth continued, as EBITDA increased by 11.9% to reach AU$110.8 million, with Net Profit After Tax (NPAT) reaching AU$47.6 million. Solvar executed a successful AU$15.0 million share buyback, expanded funding facilities to New Zealand, and underwent a rebranding to better align with its customer-focused financial solutions. The Group's robust loan book expansion extends its positive trajectory into FY24, anticipating a loan book surpassing AU$1 billion, enhanced credit quality, stable EBITDA, controlled bad debts, and intensified productivity efforts.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
