August 15, 2025
First Rock Real Estate Investments Limited (FIRSTROCKJMD)
Unaudited financials for the six months ended June 30, 2025
Expressed in United States dollars except where otherwise stated
First Rock Real Estate Investments Limited (FIRSTROCKJMD) reported a 49% increase in property income for the six months ended June 30, 2025, totaling US$2.78 million compared to US$1.87 million in the corresponding period last year. Property income for the second quarter increased by 282%, closing at US$919,978 compared to US$240,853 for the comparable quarter of 2024.
Rental income amounted to US$639,048 (2024: US$57,485), representing an increase of 1,012% year over year. Consequently, realised and unrealised gains on investment properties increased by 283% to US$2.14 million compared to US$559,533 for the six months ended June 30, 2024. The company recorded realised and unrealised gains on investment properties of US$575,000 for the second quarter versus US$199,572 for the same quarter of 2024.
Interest income from financial assets at amortised cost decreased by 78% to US$38,480 (2024: US$176,003), while interest expense increased by 92%, from US$405,502 in 2024 to US$780,139 in the period under review. As a result, net operating income for the six months ended June 30, 2025, amounted to US$1.75 million, a 2% increase compared to US$1.72 million reported in 2024.
Total expenses for the six months ended June 30, 2025, amounted to US$1.49 million, a 52% decrease compared to US$3.10 million reported in 2024. Total expenses for the second quarter amounted to US$758,931 (2024: US$691,084). Operating profit totaled US$257,207, an 81% decrease from the corresponding period last year (2024: US$1.38 million).
The taxation charge for the six months ended June 30, 2025, amounted to US$8,997, a 122% increase compared to US$4,051 reported in 2024. The taxation charge for the second quarter amounted to US$2,410 (2024: US$4,051).
Net profit for the six months ended June 30, 2025, increased by 229% to US$1.00 million, compared to a net loss of US$779,105 in 2024. Net profit for the second quarter amounted to US$466,237 (2024: net loss of US$618,647).
Earnings per share for the six months amounted to US$0.004 (2024: loss per share of US$0.003), while earnings per share for the quarter totaled US$0.002 (2024: loss per share of US$0.002). The twelve-month trailing loss per share was US$0.02, and the number of shares used in these calculations was 38,253,000.
FIRSTROCKJMD’s stock price closed the trading period on August 15, 2025, at J$9.40.
Balance Sheet Highlights
The company’s assets totaled US$60.89 million (2024: US$57.18 million). This increase was attributable to investment properties, which amounted to US$33.59 million (2024: US$14.30 million).
Shareholders’ equity was US$26.94 million (2024: US$34.08 million), representing a book value per share of US$0.09 (2024: US$0.12).
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