04:42 PM EDT, 05/08/2024 (MT Newswires) -- Propel Holdings ( PRLPF ) after trade Wednesday reported a first-quarter profit that topped expectations as revenue rose by nearly half,

The financial-technologies company said its first-quarter adjusted earnings, which exclude most one-time items, rose by 84% to US$15.3 million, while adjusted earnings per share rose by 81% to a record US$0.41. The result topped the consensus analyst estimate of US$0.36 per share, according to Capital IQ.

Revenue rose 47% to $96.5 million, also a record. The Capital IQ forecast was for nearer US$95 million.

Propel also said its board of directors approved an hike to its dividend to C$0.52 from C$0.48 on an annualized basis, effective for the second-quarter. The 8% increase is the company's fourth dividend hike since the beginning of 2023.

Propel shares closed down C$0.06 to C$24.18 on the Toronto Stock Exchange.