MICROFINANCE company Dolla Financial Services Limited, during the six-month or half-year period ended June 30, saw net profit surge to $119 million — almost six times more than or 473 per cent above that earned for the similar period in 2021.

Total income for the microlending entity also increased to $298 million, up 176 per cent over the prior year’s half-year performance.

The company, which listed on the Junior Market of the Jamaica Stock Exchange (JSE) in May of this year, said the half-year results solidify its trajectory of consistent and strong performance. A subsidiary of the FirstRock Group, the financial institution raised over $4.5 billion from its oversubscribed initial public offer (IPO), and topped the charts after securing the largest number of shareholders listed to the Junior Market to date.

“Dolla’s second quarter ending June 30, 2022 marked a significant milestone in the company’s growth and development,” the company said in notes accompanying its unaudited financials recently posted on the JSE’s website.

For the second quarter ended June 30, profits also grew to $59 million, 552 per cent above the $9.1 million earned in the corresponding quarter of 2021. Total income for the period amounted to $156.8 million.

As at June 30, shareholders’ equity — which increased to $693.4 million — represented a 73 per cent or $292.9-million increase when compared quarter to quarter, and an 86 per cent or $320.3-million increase when compared year-on-year. The $250 million earned from the issue of shares from the IPO, along with the increase in earnings during the quarter, were cited as the principal drivers of this increase by the company’s directors.

Commenting on the performance, Chief Executive Officer Kadeem Mairs credited the noteworthy results to the hard work of his team.

“We are extremely grateful for the results that we have been working assiduously to achieve. I can attest that our strategy has so far been the driver of our success, and we will continue to plan strategically to achieve even greater things as our crew is extremely capable and committed to carrying out our objectives,” he said.

Ryan Reid, CEO of FirstRock Group, was also elated about the overall performance of the growing subsidiary and expressed confidence for its continued progress.

“We ensured that Dolla entered the market with a strong posture and they have been journeying solidly thus far. I am pleased and am eagerly looking forward to the company’s future endeavours,” he stated.

Aggressively pushing its growth objective, the company now has eight locations throughout the island. It is also busy planning for the roll-out of a new location in Portmore, St Catherine, which it expects to onboard during the third quarter which closes in September. Among its plans for regional expansion the company, through its Dolla Guyana Inc operation which has been set up to target new opportunities in the expanding economy of Guyana, indicated that it was also looking to broaden itsreach and venture outside of Georgetown.