March 3, 2022

Net operating income increased 77% to US$9.36 million (2021: US$5.30 million). For the quarter, net operating loss amounted to US$92,388 (2021: income of US$988,266). Of the year-end net operating income:

• Property income increased 30% to US$6.71 million (2021: US$5.16 million)
• Net investment income increased 2287% to US$2.63 million (2021: US$110,219)
• Other income declined 52% to US$15,777 (2021: US$33,152)

Total operating expenses increased 60% to US$5.18 million (2021: US$3.24 million). Of this:

• Depreciation and amortisation declined 58% to US$7,556 (2021: US$18,099)
• Expected credit losses declined 50% to US$185,418 (2021: US$367,736)
• Other operating expenses increased 75% to US$4.98 million (2021: US$2.86 million)

As such, profit before taxation increased 103% to US$4.18 million (2021: US$2.06 million).

Following a tax charge of US$130,494 (2021: US$162,931), net profit increased 34% to US$4.05 million (2021: US$3.02 million). For the quarter, net loss amounted to US$1.04 million (2021: profit of US$1.12 million).

Net profit attributable to shareholders increased 35% to US$4.05 million (2021: US$3 million).

Total comprehensive income increased 36% to US$4.10 million (2021: US$3.03 million).

Earnings per share (EPS) amounted to US$0.014 (2021: US$0.011). For the quarter, LPS amounted to US$0.004 (2021: EPS of US$0.004). The number of shares used in this calculation was 286,025,318. FIRSTROCKJMD closed the trading period on March 2, 2023 at J$12.10 with a corresponding P/E 5.61 times, while FIRSTROCKUSD closed at US$0.06 with a corresponding P/E of 4.24 times.

Balance Sheet at a Glance:

Total assets increased 33% to US$60 million (2021: US$45.04 million). This increase was due largely to increases in ‘Current development in progress’ and ‘Investment Property’ which amounted to US$18.05 million (2021: US$12.30 million) and US$25.64 million (2021: US$20.57 million), respectively.

Shareholder’s equity increased 11% to US$36.04 million (2021: US$32.39 million) resulting in a book value of US$0.13 (2021: US$0.11).

Disclaimer: 

Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.