First Rock declares profit for first quarter as a listed company

First Rock declares profit for first quarter as a listed company

Business reporter

Wednesday, May 13, 2020

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First Rock Capital Holdings Group on Monday posted its first set of interim financial statements as a publicly listed company on the Jamaica Stock Exchange.

In the unaudited report to shareholders for its first quarter ended March 31, 2020, Chairman Norman Reid indicated that the group's performance was influenced by prudent deployment of capital and improved operational efficiency.

Net profit amounted to US$803,226 for the period under review, while shareholders' equity totalled US$28.75 million.

Total assets of the group at the end of the quarter stood at US$34.83 million.

During the quarter, the group acquired a super majority stake in Dolla-Financial Services Limited, a micro-lending company with operations in Jamaica and Guyana.

“This represents the first private equity transaction for the group and we have formulated a clear, precise and quantifiable strategy to grow the business both organically and through acquisition,” Reid stated.

Additionally, the group acquired properties located at 1-3 Bamboo Avenue, Kingston 6, Jamaica, totalling 3.45 acres and is “moving assiduously to execute its luxury multi-family residential development”.

FirstRock Capital Holdings is incorporated in St Lucia and is managed by First Rock Capital Resource Ltd. In February, it was the first company to list its shares on the board of the Jamaica Stock Exchange for 2020.

The chairman added that in response to the novel coronavirus (COVID-19) outbreak, the group had utilised the opportunity as a beta test of its business continuity plan and First Rock Capital Resource Limited initiated its work-from-home policy to ensure that employees maintain social distancing whilst performing their job functions.

“With the advent of COVID-19, there comes with it, a falloff in economic activity. Unfortunately, no jurisdiction has been spared the economic impact of this pandemic and as such we have done and continue to do impact assessments for all our subsidiaries to ensure that we are employing risk mitigation strategies to circumvent or minimise the impact,” he stated.

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