FirstRock reports 280% increase in six months net profit

July 29, 2022


FIRSTROCK Real Estate Investment Group (FIRSTROCK

For the six months ended June 30, 2022:

  • FirstRock Real Estate Investment Group (FIRSTROCK), for the six months ended June 30, 2022, recorded total investment income of US$3.02 million compared to US$989,441 booked for the corresponding period. Of this,
    • Rental income amounted to US$340,906 (2021: US$170,007).
    • Realised and unrealised gain on investment properties totalled US$5.18 million versus the gain of US$1.5 million reported in 2021.
    • Interest income closed at US$213,190 (2021: US$565,937) for the period under review.
    • Foreign exchange gain amounted to US$36,336 versus a loss of US$265,733 booked in 2021.
    • Dividend income totalled US$61,810 (2021: US$16,405).
  • Total expenses amounted to US$3.69 million (2021: US$1.53 million). Of this,
    • Administrative and general expenses closed at US$1.9 million (2021: US$1.48 million).
    • Depreciation totaled US$52,548 (2021: US$41,505).
    • Performance based fee amounted to US$1.52 million (2021: US$115,660)
  • As such, profit before taxation closed at US$4.57 million (2021: US$1.18 million). Share of Profit from Investment in Associate amounted to US$18,969.  For the quarter, profit before taxation amounted to US$2.42 million (2021: US$407,555).
  • A tax charge of US$13,859 was booked versus a tax charge of US$24,181 for the corresponding period.
  • Thus, resulting in net profit of US$4.58 million (2021: US$1.20 million) for six months ended June 30, 2022.
  • Profit attributable to shareholders amounted to US$4.58 million (2021: US$1.17 million).  Net profit attributable to shareholder for the quarter totalled US$2.42 million (2021: US$377,848).
  • Consequently, earnings per share (EPS) amounted to US$0.016 (2021: US$0.0041) for the six months ended June 30, 2022. While, for the quarter, EPS amounted to US$0.008 (2021: US$0.0014). The number of shares used in this calculation was 247,772,318 shares. The Company’s twelve-months trailing EPS amounted to US$0.0258.  FIRSTROCKJMD closed the trading period on July 29, 2022 at J$12.48 while FIRSTROCKUSD closed at US$0.065.



Balance Sheet at a Glance:


  • As at June 30, 2022, total assets closed at US$58.64 million (2021: US$40.26 million). The 46% increase is primarily due to growth in ‘Investment Property’ which amounted to US$28.63 million (2021: US$16.80 million) and a 27% increase in ‘Development in Progress’ to US$15.44 million (2021: US$12.18 million).
  • Shareholder’s equity totalled US$37 million (2021: US$30.95 million) resulting in a book value of US$0.12 (2021: US$0.108).



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