JM | Nov 5, 2020

First Rock posts record profits, surpasses $5B in assets

/ Our Today

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Net profit attributable to shareholders jumps by massive 800%

 By Durrant Pate

Real estate development and private equity company First Rock Capital Holdings is currently enjoying its best quarter ever, in which it posted its best profits on record.

Net profit attributable to ordinary shareholders for the nine months ended September 30, 2020 amounted to US$2,403,494, which represents a massive 800 per cent increase when compared to the US$280,219 posted for the same period in 2019.

In its interim unaudited report to shareholders for the just ended September quarter and the nine-month period ended September 30, 2020, net profit attributable to ordinary shareholders for the quarter grew considerable to US$1,144,623. This represents a marked increase when compared to the US$287,149 recorded for the quarter ended September 30, 2019.

These results yielded earnings per share of US$0.0040. The better-than-expected positive quarterly and nine months results, which were released yesterday (November 4) came about after the implementation of an aggressive strategy to build out First Rock’s balance sheet. During the period the investment company for the first time surpassed $5billion in assets.

This was done while ensuring that First Rock’s deployment of capital is yielding commendable returns on equity. At the end of the quarter, total assets grew to US$35,165,805, with shareholders’ equity of US$29,762,810.

Norman Reid, chairman of First Rock Capital Holdings

Liabilities stood at US$5,306,776, as at September 30, 2020. The company has divulged that it has two clear business strategies, that of real estate and real sector investments, which are pursued via its four subsidiaries, which together with the company form the First Rock Capital Holdings Group.

The subsidiaries are First Rock USA, First Rock Capital Latam and First Rock Cayman, which are fully owned subsidiaries, while the other subsidiary, Dolla Financial, is 75 per cent owned.

“As we continue to conduct our affairs in the various markets, we remain cautiously aggressive within the current environment.”

Norman Reid, chairman of First Rock Capital Holdings

In his forward to shareholders, company chairman Norman Reid pointed out that First Rock was able to perform significantly better than expected due to prudent business management.

According to Reid, “through the prudent and concerted management of our affairs, we were able to post our best quarterly performance to date”. 

He added: “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, remain the same.”

First Rock Capital Holdings Limited is an international business company duly incorporated under the laws of St. Lucia on October 4, 2017. The company commenced operations on March 15, 2019 and as such, does not have comparative prior period information.

The registered office of the company is located at Bourbon House, Bourbon Street, Castries, St. Lucia. However, its main operations are located at Suite #6, 14 Canberra Crescent, Kingston 6.

The main activities of the company are holding investments and controlling the operations of its subsidiaries. First Rock’s core focus is real estate and private equity investments.

The company’s primary aim is to provide its shareholders with a tax-efficient vehicle, offering an enhanced level of income, above average dividend yield and preservation of capital through the diversification of assets.


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