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First Rock President Ryan Reid.
Directors of First Rock Capital Holdings Limited (FCH) say the performance of the company in 2020 has exceeded their expectations and projections.
For the year ended December 31, 2020, the company reported unaudited results with a net profit of US$ 3.7 million, an increase of over 300 per cent, compared to US$ 756,735 for the 12 months of 2019.
“The company ended the year with solid results, exceeding its forecast in the areas of revenues, profitability, and balance sheet growth,” management noted in the notes accompanying the financial results.
Return on equity (ROE) for the year was 16 per cent, resulting in earnings per share (EPS) of US$ 0.013.
Kadeen Mairs, CEO Dolla Financial
Microfinance outfit Dolla Financial Services Limited, says it welcomes the new Micro Credit Act as the Government of Jamaica looks to standardise and regulate the microfinance industry.
Microfinancing is targeted towards individuals, small and medium-sized enterprises that typically do not have access to traditional banking and financial services, mainly access to credit.
“We are extremely excited that the industry is now being recognised for its role in economic development and inclusion. The new regulation of the industry promotes transparency in relation to the interest rates charged by lenders, mitigates predatory lending and other unethical practices as well as formalises the process”, explained Kadeen Mairs, CEO Dolla Financial.