October 31, 2022
FIRSTROCK Capital Holdings Group (FIRSTROCK), for the nine months ended September 30 2022, recorded total investment income of US$9.45 million (2021: US$4.31 million). The results were driven primarily by gains in the Group’s real sector and financial assets and property income, which have been achieved through the prudent management of the balance sheet. Of this,
- Rental income amounted to US$506,578 (2021: US$253,664).
- Realised and unrealised gains on investments totalled US$5.75 million versus US$3.01 million reported in 2021.
- Interest income closed at US$386,091 (2021: US$728,263) for the period under review.
- Foreign exchange gains amounted to US$96,595 relative to losses of US$294,932 reported a year prior.
- Other loss for the nine months amounted to US$14,3030 relative to other income of US$104,083 in 2021.
As for the third quarter the Company booked a total investment income of US$1.19 million compared to US$1.67 million booked for the corresponding period.
Total operating expenses amounted to US$4.36 million (2021: US$2.41 million). Of this,
Administrative and general expenses closed at US$2.54 million (2021: US$2.01 million), a 26% increase relative to corresponding period in 2021.
Depreciation rose by 39% to total US$76,511 (2021: US$54,995).
Preference dividend amounted to US$1.52 million (2021: US$152,475).
Allowance for credit losses closed at US$222,720 (2021: US$192,759)
While for the quarter, FIRSTROCK total operating expenses closed at US$669,350 (2021: US$945,978).
For the nine-month period, profit before taxation closed at US$5.09 million (2021: US$1.90 million). Share of profit from investment in associate amounted to US$18,969 (2021: nil). Taxation charge amounted to US$16,591 relative to taxation credit of US$2,581 a year prior. This resulted in net profit of US$5.09 million (2021: US$1.90 million) for the nine months ended September 30, 2022. Profit attributable to shareholders amounted to US$5.09 million (2021: US$1.88 million). Profit attributable to shareholders for the quarter amounted to US$516,018 (2021: US$700,882).
Furthermore, total comprehensive income amounted to US$5.12 million (2021: US$2.11 million). While for the quarter, total comprehensive income closed at US$515,524 (2021: US$715,682).
Consequently, earnings per share (EPS) amounted to US$0.0178 (2021: US$0.0066) for the nine months ended September 30, 2022. Earnings per share for the quarter amounted to US$0.0018 (2021: US$0.0025). The trailing twelve months EPS amounts to US$0.0251. The number of shares used in this calculation was 286,025,318 shares. FIRSTROCKJMD closed the trading period on October 31, 2022 at J$13.75 while FIRSTROCKUSD closed at US$0.0708 with a corresponding P/E ratio of 3.26 times.
FIRSTROCK noted, “During the quarter the company commenced its Share Buy-Back Program announced in March of this year. A total of 220,000 units of FIRSTROCKJMD and 900,000 units of FIRSTROCKUSD have been purchased thus far, with the stock prices increasing by 20% and 75% respectively. The Group will aggressively continue this program over the next couple months to unlock further shareholder value.”
Balance Sheet at a Glance:
As at September 30, 2022, total assets closed at US$60.72 million (2021: US$40.94 million). This increase is primarily due to ‘Investment Property’ which amounted to US$29.50 million (2021: US$16.22 million). ‘Current development in progress’ also contributed to the increase which closed at US$16.43 million (2021: US$11 million).
Shareholder’s equity totalled US$37.44 million (2021: US$31.67 million) resulting in a book value of US$0.13 (2021: US$0.11).
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