FIRSTROCK reports 35% increase in year-end net profit attributable to shareholders

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).



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