Armada Mercantile Ltd., (Symbol: CSE: ARM and OTC: AAMTF) would like to provide information to shareholders regarding its 2021 February 28th year-end audited financial results. These results were filed on June 30, 2021.
2021 Audited Financial Highlights:
- Earnings (gain) per share for the year – basic and diluted were 31 cents per share
- Marketable securities increased CN$5,415,674 compared to a loss CN$207,292 in the 2020 year-end.
- Total assets increased to CN$5,564,307
- Net revenues increased 48% to CN$342,110, compared to CN$165,917 in the 2020 year-end, due to continued growth in the commercial finance business, despite the COVID-19 pandemic
- Net income increased to CN$5,529,560 compared to a loss (CN$267,894) in the 2020 year-end.
Commercial Finance Division Highlights and Outlook:
- July 2021 reached a record total of outstanding invoices of approximately US$12,110,637, an increase of 51%, from US$6,170,258.79 in July 2020
- The projected 2021 total outstanding invoices, based upon 12 months from the period, is projected to be US$20,000,000
- Cash on hand or committed capital for finance purposes was approximately US$11,000,000
- Since 2018, total invoice purchases were US$113,030,390.18. Total fees earned were US3,580,129.15. Total invoices collected were 7713.
For more information pertaining to Armada Mercantile Ltd., visit: www.armadamercantile.com.