February 18, 2021
FIRSTROCK Capital Holdings Group (FIRSTROCK), for the twelve months ended December 31, 2020, recorded total investment income of US$7.44 million (2019: US$2.06 million). Of this,
- Rental income amounted to US$412,177 (2019: US$80,195).
- Realised and unrealised gains on investments totalled US$5.50 million versus US$1.22 million reported in 2019.
- Interest income closed at US$1.54 million (2019: US$326,802) for the period under review.
- Dividend Income amounted to US$25,541 (2019: nil)
- Loss on foreign exchange amounted to US$432,440 versus a gain of US$420,954 booked in 2019.
- Gain on acquisition of subsidiary totalled US$188,843 (2019: nil).
- Other income for the twelve months amounted to US$204,249 (2019: US$16,600).
As for the fourth quarter the Company booked a total investment income of US$2.64 million compared to US$1.07 million booked for the corresponding period.
Total operating expenses amounted to US$3.74 million (2019: US$1.31 million). Of this,
- Administrative and general expenses closed at US$2.82 million (2019: US$1.18 million), 138% increase relative to corresponding period in 2019.
- Depreciation totaled US$103,990 (2019: US$1,329).
- Preference dividend amounted to US$602,068 (2019: US$121,765).
- Allowance for credit losses closed at US$213,386 (2019: nil)
While for the fourth quarter, FIRSTROCK total operating expenses closed at US$1.33 million (2019: US$602,104).
As such, profit before taxation closed at US$3.70 million (2019: US$754,989). A tax charge of US$16,442 was booked versus a tax credit of US$1,745 for the corresponding period.
Thus, resulting in net profit of US$3.68 million (2019: US$756,734) for the financial year ended December 31, 2020. Net profit for the quarter amounted to US$1.30 million (2019: US$472,596).
Profit attributable to shareholders amounted to US$3.69 million (2019: US$756,354). Profit attributable to shareholders for the quarter amounted to US$1.30 million (2019: US$472,596).
Furthermore, total comprehensive income amounted to US$3.67 million (2019: US$711,845). While for the quarter, total comprehensive income closed at US$1.33 million (2019: $421,485).
Consequently, earnings per share (EPS) amounted to US$0.013 (2019: US$0.003) for the twelve months ended December 31, 2020. Earnings per share for the quarter amounted to US$0.0045 (2019: US$0.0017). The number of shares used in this calculation was 286,025,318 shares. FIRSTROCKJMD closed the trading period on February 16, 2021 at J$16.00 with a corresponding P/E of 9.24 times, while FIRSTROCKUSD closed at US$0.087 with a corresponding P/E of 6.80 times.
Balance Sheet at a Glance:
As at December 31, 2020, total assets closed at US$36.94 million (2019: US$16.17 million). This increase is primarily due to ‘Investment property’ which amounted to US$19.77 million (2019: US$9.68 million). ‘Investment Securities’ also contributed to the increase which closed at US$9.13 million (2019: US$4.34 million) as at December 31, 2020.
Shareholder’s equity totalled US$30.70 million (2019: US$15.92 million) resulting in a book value of US$0.11 (2019: US$0.06).
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