Best results since inception

 Durrant Pate/Contributor

Jamaican listed company, First Rock Real Estate Investments is boasting of a massive 280 per cent growth in half-year net profits to US$4.58 million, up from US$1.20 million in 2021.

For the six months ended June 30, 2022, profit attributable to shareholders amounted to US$4.58 million, up from US$1.17 million in 2021. The biggest growth came in the June quarter, going up by seven fold to US$2.42 million, up from US$377,848 in 2021.

Profit before taxation closed at US$4.57 million, up from the 2021 posting of US$1.18 million. For the June quarter, profit before taxation came out at US$2.42 million (2021: US$407,555).

First Rock’s share of profit from Investment in Associate amounted to US$18,969 while performance based fee amounted to US$1.52 million (2021: US$115,660)

Three-fold jump in investment income

For the half-year period, First Rock saw its investment income grow threefold to US$3.02 million compared to US$989,441 booked for the corresponding period in 2021. The investment income is divided as follows:

• Rental income amounted to US$340,906 (2021: US$170,007).
• Realised and unrealised gain on investment properties totalled US$5.18 million versus the gain of US$1.5 million reported in 2021.
• Interest income closed at US$213,190 (2021: US$565,937) for the period under review.
• Foreign exchange gain amounted to US$36,336 versus a loss of US$265,733 booked in 2021.
• Dividend income totalled US$61,810 (2021: US$16,405).

Total expenses amounted to US$3.69 million, up from US$1.53 million in 2021 with administrative and general expenses closing at US$1.9 million (2021: US$1.48 million) and Depreciation totalling US$52,548 (2021: US$41,505).

Balance Sheet at a Glance

As at June 30, 2022, total assets closed at US$58.64 million, representing a 46 per cent increase from the 2021 booking of US$40.26 million. The increase is primarily due to growth in ‘Investment Property’ which amounted to US$28.63 million (2021: US$16.80 million) and a 27 per cent increase in ‘Development in Progress’ to US$15.44 million (2021: US$12.18 million).

Shareholder’s equity totalled US$37 million (2021: US$30.95 million) resulting in a book value of US$0.12 (2021: US$0.108).