May 13 2022
FIRSTROCK Capital Holdings Group (FIRSTROCK), for the three months ended March 31, 2022, recorded total investment income of US$3.78 million compared to US$1.64 million booked for the corresponding period. Of this,
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- Rental income amounted to US$173,930 (2021: US$75,391).
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- Realised and unrealised gain on investment properties totalled US$3.65 million versus the gain of US$560,000 reported in 2021.
- Loss on sale of financial instruments at amortised cost amounted to US$12,256 relative to gain on sale of financial instruments of US$129,099 a year prior.
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- Interest income closed at US$115,840 (2021: US$433,178) for the period under review.
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- Loss on foreign exchange amounted to US$13,006 versus a loss of US$176,611 booked in 2021.
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- Dividend income totalled US$3,747 (2021: US$16,405).
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- Other income for the three months amounted to US$4,184 (2021: US$77,460).
Total operating expenses amounted to US$1.62 million (2021: US$866,239). Of this,
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- Administrative and general expenses closed at US$812,627 (2021: US$839,355), representing a 3% contraction relative to the prior year.
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- Depreciation totaled US$30,090 (2021: US$32,684).
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- Preference dividend amounted to US$717,700 (2021: US$115,660).
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- Recovery of credit gain closed at US$64,522 versus an allowance of credit losses of US$121,460 booked for the three months ended March 31, 2021.
As such, profit before taxation closed at US$2.16 million (2021: US$771,370). Share of Profit from Investment in Associate amounted to US$1,364 (2021: nil).
A tax charge of US$2,734 was booked versus a tax credit of US$24,914 for the corresponding period.
Thus, resulting in net profit of US$2.15 million (2021: US$796,284) for three months ended March 31, 2022.
Profit attributable to shareholders amounted to US$2.15 million (2021: US$767,310).
Furthermore, total comprehensive income amounted to US$2.19 million (2021: US$1.01 million).
Consequently, earnings per share (EPS) amounted to US$0.0087 (2021: US$0.0031) for the three months ended March 31, 2022. The number of shares used in this calculation was 247,772,318 shares. The Company’s twelve-months trailing EPS amounted to US$0.0177. FIRSTROCKJMD closed the trading period on May 12, 2022 at J$12.39 with a corresponding P/E 5.26 times, while FIRSTROCKUSD closed at US$0.08 with a corresponding P/E of 5.13 times.
Balance Sheet at a Glance:
As at March 31, 2022, total assets closed at US$54.86 million (2021: US$34.57 million). The 59% increase is primarily due to growth in ‘Current development in progress’ which amounted to US$13.36 million (2021: US$1.01 million) and a 34% increase in ‘Investment Property’ to US$29.27 million (2021: US$21.80 million).
Shareholder’s equity totalled US$34.58 million (2021: US$30.74 million) resulting in a book value of US$0.14 (2021: US$0.12).
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