May 13, 2021
FIRSTROCK Capital Holdings Group (FIRSTROCK), for the twelve months ended December 31, 2020, recorded net operating income of US$6 million while for the twenty-six months ended December 31, 2019, net operating income was US$2.02 million. Of this:
Rental income amounted to US$431,172 while for the 26 months ended December 2019, rental income was US$80,195.
Net gain from fair value adjustment on investment property totalled US$4.94 million versus US$1.26 million reported for the 26 months ended December 2019.
Investment income amounted to US$992,118 for the year under review versus US$719,551 for the 26 months ended December 2019. After interest expense and expected credit losses of US$40,219 and US$701,862 for the year ended December 31, 2021, net investment income amounted to $250,037 for the period under review. Net investment income was US$684,572 for the 26 months ended December 2019.
Net fee and commission income amounted to US$130,004, of this; fee and commission income was US$161,244, tempered by fee and commission expense of US$31,240 for the period under review.
Negative goodwill on acquisition of Dolla and other income amounted to US$225,518 and US$20,132, respectively for the year ended December 31, 2020.
Total operating expenses amounted to US$3.33 million for the year ended December 31, 2020 and was US$1.33 million for the 26 months ended December 2019. Of this,
Administrative and general expenses closed at US$2.95 million for the year ended December 31, 2020 but US$1.07 million for the 26 months ended December 2019.
Depreciation totaled US$120,170 for the year ended December 31, 2020 but was US$1,434 for the 26 months ended December 2019.
Performance based fee amounted US$255,712 for the year ended December 31, 2020 and was US$262,662 for the 26 months ended December 2019.
As such, profit before taxation closed at US$2.67 million for the year ended December 31, 2020 versus US$691,189 for the 26 months ended December 2019. A tax charge of US$65,170 was booked for the year ended December 31, 2020 versus a tax credit of US$1,745 for the 26 months ended December 2019.
Thus, resulting in net profit of US$2.60 million for the financial year ended December 31, 2020 versus US$692,934 for the 26 months ended December 2019.
Profit attributable to shareholders amounted to US$2.66 million for the year ended December 31, 2020 while for the 26 months ended December 2019, the company booked a profit of US$692,935.
Furthermore, total comprehensive income amounted to US$2.69 million for the year ended December 31, 2020 versus US$648,046 booked for the 26 months ended December 2019.
Consequently, earnings per share (EPS) amounted to US$0.0093 for the twelve months ended December 31, 2020 versus an EPS for the 26 months ended December 2019 amounting to US$0.0021. The number of shares used in this calculation was 286,025,318 shares. FIRSTROCKJMD closed the trading period on May 12, 2021 at J$16.77 with a corresponding P/E of 12.62 times, while FIRSTROCKUSD closed at US$0.10 with a corresponding P/E of 10.76 times.
Balance Sheet at a Glance:
As at December 31, 2020, total assets closed at US$35.89 million (December 31, 2019: US$16.17 million). This increase is primarily due to ‘Investment property’ which amounted to US$19.56 million (2019: US$9.68 million). ‘Cash and Cash Equivalents’ also contributed to the increase which closed at US$1.57 million (2019: US$978,806) as at December 31, 2020.
Shareholder’s equity totalled US$29.76 million (2019: US$15.92 million) resulting in a book value of US$0.10 (2019: US$0.06).
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