March 3, 2022
FIRSTROCK Capital Holdings Group (FIRSTROCK), for the twelve months ended December 31, 2021, recorded property income of US$5.16 million (2020: US$5.37 million) Of this:
Rental income amounted to US$380,686 while for the year ended December 2020, rental income was US$431,172.
Net gain from fair value adjustment on investment property totalled US$4.91million versus US$4.94 million reported a year prior.
Loss on disposal of investment property amounted to US$133,015 (2020: nil).
Investment income amounted to US$389,329 for the year under review versus US$992,118 twelve months earlier. After interest expense of US$279,110 net investment income amounted to US$110,219 for the period under review relative to net investment income of US$951,889 at the year ended December 2020.
Other income amounted to US$33,152 (2020: US$181,376), consequently net operating income totalled US$5.30 million (2020: US$6.73 million).
Total expenses amounted to US$3.24 million for the year ended December 31, 2021 relative to the US$4.06 million reported a year earlier. Of this:
Other operating expenses closed at US$2.86 million for the year ended December 31, 2021 versus US$3.24 million in December 2020.
Depreciation totaled US$18,099 for the year ended December 31, 2021, down from US$120,716 reported twelve months earlier.
Expected credit losses amounted to US$367,736 (2020: US$701,862).
As such, profit before taxation closed at US$2.06 million for the period under review versus US$2.67 million for the year ended December 2020. A tax credit of US$162,931 was booked for the year versus a tax charge of US$65,170 for the year ended December 2020. Thus, resulting in net profit from continuing operations of US$2.22 million for the financial year ended December 31, 2021 versus US$2.60 million for the year ended December 2020. Net profit from discontinued operations amounted to US$803,072 (2020: nil), resulting in net profit of US$3.02 million (2020: US$2.60 million) for the year ended December 31, 2021.
Profit attributable to shareholders amounted to US$3 million for the year ended December 31, 2021, while for the year ended December 2020, the company booked a profit of US$2.66 million. Furthermore, total comprehensive income amounted to US$3.03 million for the year ended December 31, 2021 versus the US$2.69 million booked at the end of December 2020.
Consequently, earnings per share (EPS) amounted to US$0.0105 for the twelve months ended December 31, 2021 versus an EPS of US$0.0093 for the year ended December 2020. The number of shares used in this calculation was 286,025,318 shares. FIRSTROCKJMD closed the trading period on May 1, 2022 at J$11.69 with a corresponding P/E of 7.20 times, while FIRSTROCKUSD closed at US$0.08 with a corresponding P/E of 7.75 times.
Balance Sheet at a Glance:
As at December 31, 2021, total assets closed at US$45.04 million (2020: US$35.89 million). This increase is primarily due to ‘Current development in progress’ which amounted to US$12.30 million (2020: nil). ‘Investment in Associates’ also contributed to the increase which closed at US$1.75 million (2020: nil).
Shareholder’s equity totalled US$32.39 million (2020: US$29.76 million) resulting in a book value of US$0.11 (2020: US$0.10).
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