Wednesday 23 September, 2020

FirstRock generates profit of US$1.25 million in six months

First Rock Capital, led by CEO Ryan Reid listed on February 21, 2020 after raising US$9 million class A shares and J$580.84 million Class B shares via its Initial Public Offer (IPO).

First Rock Capital, led by CEO Ryan Reid listed on February 21, 2020 after raising US$9 million class A shares and J$580.84 million Class B shares via its Initial Public Offer (IPO).

FirstRock Capital Holdings has released its earnings report for the six months ended June 2020, with net profits of US$1.25 million, up from US$ 9,350 posted for the same period in 2019.

Chairman Norman Reid, in comments attached to the results, said, despite the advent of the coronavirus (COVID-19) pandemic, the company continues to be “cautiously aggressive” in the management of its affairs.

The six month’s result yielded earnings per share (EPS) of US$ 0.0016.

FirstRock has spent the six months to June building out its real estate and equities business across multiple jurisdictions.

“The economic downturn in the various jurisdictions in which we have a presence is obviously concerning, however, with absolute, concerted efforts, we remain optimistic that these jurisdictions will return to growth levels in the short to medium term,” Reid said.

FirstRock Capital Holdings has two clear business strategies, real estate and private equity, which are pursued via its four subsidiaries, which together with the company forms the First Rock Group.

The subsidiaries include First Rock USA LLC, a limited liability company incorporated in and under the laws of the State of Florida, USA and holds real estate and investment assets.

There is also First Rock Capital Latam, Sociedad Anónima, a corporation incorporated in and under the laws of Costa Rica, which holds real estate assets; and First Rock Capital Cayman Limited, a limited liability company incorporated in and under the laws of the Cayman Islands, which holds real estate and investment assets.

The Jamaican subsidiary is Dolla Financial Services Limited, a limited liability company incorporated in and under the laws of Jamaica as a micro-finance entity.

Total assets of the group at the end of the quarter stood at US$33,187,220, an increase of approximately 130 per cent over prior year.

Shareholders’ equity increased by 100 per cent over prior year, to stand atUS$28,927,542.

The group also saw its liabilities increase from US$72,076 at June 30, 2019 to stand at US$4,259,678 at June 30, 2020.

Th FirstRock chairman said the team continues to conduct impact assessments on the company and its subsidiaries to ensure that the appropriate risk mitigation strategies are being employed.

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