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Prsident and co-founder of FirstRock Capital Holdings Limited Ryan Reid (File photo)

First Rock net profit climbs 800 per cent

Prsident and co-founder of FirstRock Capital Holdings Limited Ryan Reid (File photo)

First Rock Capital Holdings Limited (FCH), for the nine months ended September 30, 2020, posted net profit attributable to ordinary shareholders of US$2.40 million.

This represented over 800 per cent increase when compared to the US$280,219 posted for the same period in 2019.

“As we continue to conduct our affairs in the various markets, we remain cautiously aggressive within the current environment. As we go into our final quarter for the financial year, our strategy and efforts will remain the same.”

Management, in comments attached to the nine-month results, noted, “The company has been aggressively building out its balance sheet while
ensuring that its deployment of capital is yielding commendable returns on equity.”

Net profit attributable to ordinary shareholders for the quarter ended September 30, 2020, totalled US$1.14 million compared to US$ 287,149 recorded for the quarter ended September 30, 2019. The quarter’s results yielded earnings per share(EPS) of US$0.0040.

(File photo)

Total assets of the FCH Group at the end of the quarter stood at US$ 35.17 million, with shareholders’ equity of US$29.76 million. Liabilities also stood at US$ 5.3 million as at September 30, 2020.

The company has two main business strategies, Real Estate and Real Sector Investments, which are pursued via four subsidiaries, which together with
the Company form the FCH Group. These subsidiaries are First Rock USA LLC in Florida, USA, which holds real estate and investment
assets; First Rock Capital Latam in Costa Rica, which holds real estate assets; and First Rock Capital Cayman Limited, which holds real estate and
investment assets.

There is also Dolla Financial Services Limited, a Jamaican microfinance company.

Dolla Financial Services Limted on Barbican Road in St Andrew Jamaica (Photo: Facebook @Dolla Financial Services)

Describing the quarter’s results as the group’s best quarter ever, management stated, “As we continue to conduct our affairs in the various markets, we remain cautiously aggressive within the current
environment. As we go into our final quarter for the financial year, our strategy and efforts will remain the same.”