Standard Premium Finance Holdings, Inc. (SPFH) reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $3.1 million, an increase of 18.5% from $2.6 million in Q3 2023. For the nine-month period, revenues rose by 29.2% to $9.0 million from $7.0 million. The growth in revenue was primarily driven by a 19.8% increase in finance charges and a 12.8% rise in late charges, with finance charges constituting 87.2% of total revenue in Q3 2024.

Expenses also increased, with total costs and expenses for Q3 2024 amounting to $2.7 million, up 9.3% from $2.4 million in Q3 2023. The nine-month expenses rose by 23.3% to $8.0 million, influenced by higher interest expenses due to increased borrowings, as well as increased salaries, commissions, and provisions for credit losses. Notably, interest expense for the nine months increased by $627,910, reflecting a rise in net borrowings to $43.8 million.

Income before income taxes for Q3 2024 was $406,826, a substantial increase from $154,494 in Q3 2023. Net income for the same quarter rose to $300,627 from $116,930, while net income for the nine months increased to $746,881 from $361,851. The return on assets improved to 1.54% in Q3 2024, up from 0.59% in Q3 2023, and return on equity rose to 20.33% from 7.74%.

As of September 30, 2024, total current assets increased to $68.2 million from $61.1 million at the end of 2023, with total assets rising to $69.1 million. Total liabilities also grew, reaching $61.9 million, up from $56.0 million. Stockholders' equity increased to $7.2 million from $6.4 million.

Strategically, the company has focused on expanding its marketing efforts, particularly in Florida and Texas, and has hired additional marketing representatives to support this growth. The company’s line of credit was extended until November 30, 2025, providing stability for future cash requirements. The allowance for credit losses is maintained to absorb potential losses inherent in premium finance contracts, with historical losses averaging 1% to 1.5% of the principal amount of loans made annually.

Overall, SPFH's financial performance reflects a robust growth trajectory, supported by strategic marketing initiatives and effective management of expenses.