First Rock Capital indicates it has been building out its real estate and equities business across its multiple jurisdictions in the six months to July.
For the six-month period ended June, 2020, net profit attributable to ordinary shareholders was US$1.25 million compared to US$9,350 posted for the same period in 2019.
For the last quarter, net profit attributable totaled US$452,700, also an increase when compared to the US$9,350 recorded for the quarter ended June 30, 2019.
“This pandemic devolves on us as business leaders, to be more cautious, prudent, and proactive to limit its impact on our operations.”– Chairman of First Rock Norman Reid
The six-month result yielded earnings per share (EPS) of US$0.0016.
Chairman Norman Reid, in comments attached to the results said that despite the advent of this pandemic, the company continues to be “cautiously aggressive” in the management of its affairs.
“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,” he stated.
First Rock Capital Holdings (FCH) is incorporated in St Lucia, listed on the JSE and is managed by First Rock Capital Resource Ltd. (FCR).
The company 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 are 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; First Rock Capital Latam, Sociedad Anónima, a corporation incorporated in and under the laws of Costa Rica and 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 and which holds real estate and investment assets.
Last is Dolla Financial Services Limited, a limited liability company incorporated in and under the laws of Jamaica as a microfinance 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 at US$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.
Chairman Norman Reid concluded: “During the second quarter, we observed the expansive impact of the coronavirus on various countries, businesses and most importantly people. This pandemic devolves on us as business leaders, to be more cautious, prudent, and proactive to limit its impact on our operations.
“The First Rock Capital team continues to conduct impact assessments on the company and its subsidiaries to ensure that the appropriate risk mitigation strategies are being employed.”