November 9, 2020
FIRSTROCK Capital Holdings Group (FIRSTROCK), for the nine months ended September 2020, recorded total investment income of US$4.80 million (2019: US$989,888). Of this,
- Rental income amounted to US$324,971 (2019: US$9,471).
- Realised and unrealised gains on investments totalled US$3.45 million versus US$386,231 reported in 2019.
- Interest income closed at US$1.06 million (2019: US$219,885) for the period under review.
- Dividend Income amounted to US$36,977 (2019: nil)
- Loss on sale of financial assets amounted to US$75,298 (2019: nil)
- Gain on acquisition of subsidiary totalled US$188,843 (2019: nil).
- Other income for the nine months amounted to US$116,380 (2019: nil).
As for the third quarter the Company booked a total investment income of US$2.04 million compared to US$585,324 booked for the corresponding period.
Total operating expenses amounted to US$2.42 million (2019: US$708,292). Of this,
- Administrative and general expenses closed at US$1.98 million (2019: US$707,978), 180% increase relative to corresponding period in 2019.
- Depreciation totaled US$21,109 (2019: US$314).
- Preference dividend amounted to US$296,702 (2019: nil).
- Allowance for credit losses closed at US$116,002 (2019: nil)
While for the quarter, FIRSTROCK total operating expenses closed at US$892,063 (2019: US$298,176).
As such, profit before taxation closed at US$2.38 million (2019: US$281,596). Taxation charges amounted to US$13,346 (2019: US$1,377), thus resulting in net profit of US$2.37 million (2019: US$280,219) for the nine months ended September 30, 2020. Profit attributable to shareholders amounted to US$2.40 million (2019: US$280,219). Profit attributable to shareholders for the quarter amounted to US$1.15 million (2019: US$287,149).
Furthermore, total comprehensive income amounted to US$2.37 million (2019: US$280,219). While for the quarter, total comprehensive income closed at US$1.14 million (2019: $287,149).
Consequently, earnings per share (EPS) amounted to US$0.0084 (2019: US$0.010) for the nine months ended September 30, 2020. Earnings per share for the quarter amounted to US$0.0040 (2019: US$0.0010). The trailing twelve months EPS amounts to US$0.099. The number of shares used in this calculation was 286,025,318 shares. FIRSTROCKJMD closed the trading period on November 06, 2020 at J$13.18 while FIRSTROCKUSD closed at US$0.0781.
FIRSTROCK noted, “Through the prudent and concerted management of our affairs, we were able to post our best quarterly performance. As we continue to conduct our affairs in the various markets, we remain cautiously aggressive within the current environment. As we go into our final quarter for the financial year, our strategy and efforts will remain the same.”
Balance Sheet at a Glance:
As at September 30, 2020, total assets closed at US$35.17 million (2019: US$15.90 million). This increase is primarily due to ‘Investment property’ which amounted to US$19.02 million (2019: 9.41 million). ‘Investment Securities’ also contributed to the increase which closed at US$8.78 million (2019: US$4.52 million) as at September 30, 2020.
Shareholder’s equity totalled US$29.76 million (2019: US$15.70 million) resulting in a book value of US$0.10 (2019: US$0.05).
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