May 14, 2021
FIRSTROCK Capital Holdings Group (FIRSTROCK), for the three months ended March 31, 2021, recorded total investment income of US$1.67 million compared to US$1.56 million booked for the corresponding period. Of this,
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- Rental income amounted to US$75,391 (2020: US$114,242).
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- Net gain from fair value adjustment on investment property totalled US$689,099 versus US$1.03 million reported in 2020.
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- Interest income closed at US$433,178 (2020: US$217,282) for the period under review.
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- Loss on foreign exchange amounted to US$176,611 versus a loss of US$6,299 booked in 2020.
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- Gain on acquisition of subsidiary totalled US$553,000 (2020: US$188,843).
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- Other income for the three months amounted to US$93,864 (2020: US$14,110).
Total operating expenses amounted to US$896,551 (2020: US$750,103). Of this,
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- Administrative and general expenses closed at US$869,667 (2020: US$619,267), 40% increase relative to corresponding period in 2020.
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- Depreciation totaled US$32,684 (2020: US$2,793).
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- Preference dividend amounted to US$115,660 (2020: US$113,298).
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- Recovery of credit losses closed at US$121,460 versus an allowance of credit losses of US$14,745 booked for the three months ended March 31, 2020.
As such, profit before taxation closed at US$771,370 (2020: US$808,317). A tax credit of US$24,914 was booked versus a tax charge of US$5,091 for the corresponding period.
Thus, resulting in net profit of US$796,284 (2020: US$803,226) for the three months ended March 31, 2021.
Profit attributable to shareholders amounted to US$767,310 (2020: US$797,485).
Furthermore, total comprehensive income amounted to US$1.01 million (2020: US$787,814).
Consequently, earnings per share (EPS) amounted to US$0.0027 (2020: US$0.0032) for the three months ended March 31, 2021. The number of shares used in this calculation was 286,025,318 shares. The Company’s twelve-months trailing EPS amounted to US$0.00919. FIRSTROCKJMD closed the trading period on May 13, 2021 at J$16.80 with a corresponding P/E 12.47 times, while FIRSTROCKUSD closed at US$0.10 with a corresponding P/E of 10.88 times.
Balance Sheet at a Glance:
As at March 31, 2021, total assets closed at US$34.57 million (2020: US$34.83 million). This decrease is primarily due to a 43% decline in ‘Financial Assets at amortised cost’ which amounted to US$7.78 million (2020: US$13.67 million) and a 57% decline in ‘Cash and Cash equivalents’ to US$1.17 million (2020: US$2.70 million). This was however tempered by increases in ‘Investment property’ which amounted to US$21.80 million (2020: US$15.80 million) and ‘Development in Progress’ which closed at US$1.24 million (2020: US$70,577) as at March 31, 2021.
Shareholder’s equity totalled US$30.74 million (2020: US$28.76 million) resulting in a book value of US$0.11 (2020: US$0.10).
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