August 3, 2021
FIRSTROCK Capital Holdings Group (FIRSTROCK)’s total investment income amounted to US$2.74 million (2020: US$2.76 million) for the six months ended June 30, 2021. Of this, rental income amounted to US$170,007 (2020: 222,302), while fair value gains on investments totalled US$1.62 million versus US$1.76 million reported in 2020. Interest income closed at US$565,937 (2020: US$659,572) for the period under review, while gain on acquisition of subsidiary totalled US$553,000 (2020: $188,843). Other income for the six months amounted to US$104,687 (2020: US$84,066). However, a loss of US$265,733 was booked for foreign exchange year to date compared to loss from foreign exchange of US$157,618 reported in 2020. As for the second quarter the Company booked a total investment income of US$1.08 million compared to US$1.20 million in 2020.
Administrative and general expenses closed at US$1.51 million (2020: US$1.29 million), 18% increase relative to corresponding period in 2020, while depreciation totaled US$41,505 (2020: US$8,449). Preference dividend amounted to US$115,660 (2020: $113,298), while allowance for credit gains closed at US$107,269 for the six months ended June 30, 2021 relative to allowance for credit loss of $114,843 the comparable period last year. As a result, FIRSTROCK, as at June 2021, total operating expenses amounted to US$1.56 million (2020: US$1.52 million). For the quarter total operating expenses closed at US$667,927 (2020: US$773,171).
As such, profit before taxation closed at US$1.18 million (2020: US$1.23 million). Taxation credit amounted to US$24,181 relative to a taxation charge of $10,193 in 2020, thus resulting in net profit of US$1.20 million (2020: US$1.22 million) for the six months ended June 30, 2021. Profit attributable to shareholders amounted to US$1.17 million (2020: US$1.25 million). Profit attributable to shareholders for the quarter amounted to US$406,822 (2020: US$452,702). Furthermore, total comprehensive income amounted to US$1.39 million (2020: US$1.23 million) for the six months ended June 30, 2021 and comprehensive income for the quarter ended June 30, 2021 totalled US$381,257 relative to an income of US$446,611 last year.
Consequently, earnings per share (EPS) amounted to US$0.0041 (2020: US$0.0044) for the six months ended June 30, 2021. Earnings per share for the quarter amounted to US$0.0014 (2020: US$0.0016). Twelve months trailing EPS amounted to US$0.009. The number of shares used in this calculation was 286,025,318 shares. FIRSTROCKJMD traded on July 30, 2021 at JMD$13.46 while FIRSTROCKUSD closed at US$0.07 with a corresponding P/E of 7.75 times.
FIRSTROCK noted, “The company intends on being more aggressive within the region, primarily in new jurisdictions. Multijurisdictional asset allocation is a key feature of our risk-mitigation strategy. This strategy has done well for us and will continue. Opportunities within our domiciled country, St. Lucia will be explored during the financial year, and we intend on increasing our presence there.”
Balance Sheet at a Glance:
As at June 30, 2021, total assets closed at US$40.26 million (2020: US$33.14 million). This increase is due to ‘Property Inventory’ which amounted to US$9.28 million (2020: nil) and ‘Development in progress’ which closed at US$2.24 million (2020: US$196,460) as at June 30, 2021.
Shareholder’s equity totalled US$30.95 million (2020: US$28.85 million) resulting in a book value of US$0.108 (2020: US$0.101).
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