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

First Rock reports 300% profit climb in 2020

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

First Rock Capital Holdings Limited (FCH),  for the 12 months ended December 31, 2020, reported net profit of US$ 3.7 million, which represents an increase of over 300 per cent when compared to the US$756,735 posted for the same period a year ago.

“The company ended the year with solid results, exceeding its forecast in the areas of revenues, profitability, and balance sheet growth,” directors stated in remarks attached to unaudited financials.

One-year performance 

In 2020, the return on equity (ROE) for the year was 16 per cent. These results yielded an earnings per share (EPS) of US$ 0.013. 

The fourth-quarter net profit attributable to ordinary shareholders for the quarter ended December 31, 2020 totalled US$1,296,311, which compares to US$472,597 recorded for the quarter ended September 30, 2019. 

Total assets of the FCH Group at the end of the quarter stood at US$ 36.94 million, with shareholders’ equity of US$ 30.7 million. At the same time, the group’s liabilities stood at US$6.15 million on December 31, 2020.

Five subsidiaries

The group has two main business strategies — that of real estate and real sector investments — that it pursues through five subsidiaries.

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

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

Second, First Rock Capital Latam, Sociedad Anónima, is an incorporated entity in and under the laws of Costa Rica that holds real estate assets. 

Third is First Rock Capital Cayman Limited, an incorporated limited liability company in and under the laws of the Cayman Islands which holds real estate and investment assets. 

First Rock has two main business strategies: real estate and real sector investments.
(File photo)

Fourth, Dolla Financial Services Limited, a limited liability company incorporated in and under the laws of Jamaica, is a microfinance entity.

Fifth and last is FCH Jamaica Developers Limited, a limited liability company under the laws of Jamaica that executes real estate developments.

FirstRock Capital Holdings (FCH) is a St Lucia-incorporated company listed on the JSE and is managed by First Rock Capital Resource Ltd. 

First Rock is listed on the Jamaica Stock Exchange (File photo)

‘Prudent’ management

In comments on the year ended, directors stated, “The year 2020 required the company to carefully manage its operations, being prudent in its decision making whilst not jettisoning its performance. On all accounts, the financial performance for the year exceeded all expectations. 

“Our impact assessments of the various markets in which we operate has proven to be a key activity in managing our risk; this will continue.”