May 18, 2026
First Rock Real Estate Investments Limited (FIRSTROCKJMD)
Audited financials for the twelve months ended December 31, 2025:
Expressed in United States dollars except where otherwise stated
First Rock Real Estate Investments Limited (FIRSTROCKJMD) for the twelve months ended December 31, 2025, reported a 210% improvement in Property Income, totaling US$5.19 million compared to a Property Loss of US$4.71 million in the corresponding period last year. For the fourth quarter, Property Income amounted to US$2.10 million, reflecting a 132% improvement compared to a Property Loss of US$6.63 million for the comparable quarter of 2024.
Rental Income amounted to US$1.23 million (2024: US$161,281), representing an increase of 663% year over year. Net Gain from Fair Value Adjustments on Investment Properties increased by 140% to US$4.44 million compared to US$1.85 million for the twelve months ended December 31, 2024. However, the company recorded a Loss on Disposal of Investment Properties of US$480,374, compared to a loss of US$6.32 million in 2024.
Interest Income from financial assets at amortised cost decreased by 15% to close at US$203,894 (2024: US$241,182), while Interest Expense increased by 93% from US$895,213 in 2024 to US$1.73 million in the period under review. As a result, Net Investment Loss amounted to US$1.21 million, compared to a Net Investment Loss of US$1.09 million reported in 2024.
Net Operating Income for the twelve months ended December 31, 2025, amounted to US$4.01 million, compared to a Net Operating Loss of US$5.73 million reported in 2024. This improvement was mainly supported by the turnaround in Property Income, particularly the increase in Rental Income and fair value gains on Investment Properties.
Total Expenses for the twelve months ended December 31, 2025, amounted to US$4.20 million, a 17% increase relative to US$3.60 million reported in 2024. Loss before Share of Profits from Investment in Joint Ventures amounted to US$190,231, representing a 98% improvement relative to the loss of US$9.33 million reported in 2024.
Share of Profits from Investment in Joint Ventures totalled US$225,000, a 50% decrease from US$450,000 reported in 2024. Consequently, Profit Before Taxation amounted to US$34,769, compared to a Loss Before Taxation of US$8.88 million in 2024.
Taxation for the twelve months ended December 31, 2025, amounted to US$31,442, an 87% increase relative to US$16,818 reported in 2024. Net Profit attributable to shareholders amounted to US$3,327, compared to a Net Loss of US$8.89 million reported in 2024. For the fourth quarter, the company recorded a Net Loss attributable to shareholders of US$1.03 million, compared to a Net Loss of US$7.44 million in the comparable quarter of 2024, reflecting an 86% reduction in losses year over year.
Total Comprehensive Income attributable to shareholders amounted to US$151,139, compared to a Total Comprehensive Loss of US$9.05 million in 2024. This reflected the return to profitability, as well as currency translation gains of US$147,812 for the year.
Consequently, Earnings Per Share for the twelve months amounted to US$0.00001, or approximately J$0.00. This compares to a Loss Per Share of US$0.032, or approximately J$5.00. The number of shares used in these calculations was 281,325,326.
Notably, FIRSTROCKJMD’s stock price closed the trading period on May 18, 2026 at a price of J$8.92.
Balance Sheet Highlights
The company’s assets totalled US$65.76 million (2024: US$57.17 million). The increase in total assets was mainly driven by the recognition of Investment Property Held for Sale of US$5.50 million, which was nil in 2024, as well as an increase in Investment Properties to US$27.11 million from US$25.83 million. Cash also increased to US$1.72 million from US$488,583, while Investments at Fair Value through Profit or Loss rose to US$1.33 million from US$138,889.
Shareholders’ Equity was US$25.79 million (2024: US$25.64 million), representing a book value per share of US$0.09, or approximately J$14.65. This compares to US$0.09, or approximately J$14.24.
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