The latest Mayberry Investments Limited Investor Briefing, held on February 12, 2024, showcased Mayberry Jamaican Equities Limited (MJE)'s financial results for the fourth quarter of 2024, revealing a remarkable improvement in total comprehensive income and a strengthened shareholder position.
The forum provided valuable insights into the company's strategic direction and the broader economic outlook.
Total comprehensive income surged by 124% to $584 million, reflecting a significant recovery from the previous year's loss. Despite a 3.4% decrease in total assets to $24.5 billion, total shareholders' equity grew by 3.4% to $17.9 billion, highlighting MJE's strategic financial management. The decline in total assets was primarily due to a major disposal during the year, emphasizing the company's focus on optimizing its investment portfolio.
MJE’s top five significant equity positionsstocksfor 2024 included Supreme Ventures Limited (SVL), Jamaica Broilers Group, Wigton Windfarm Limited, Dolla Financial Services, and GraceKennedy Limited. Notably, Wigton Windfarm's share price surged by 70% year over year, and Dolla Financial Services saw an 11% increase. Despite a 9% decline in the value of MJE’s largest holding, SVL, which accounts for 56% of the portfolio, MJE's overall strategic portfolio adjustments, including the exit from CPJ contributed to a more robust investment portfolio.
Gary Peart, Executive Chairman of Mayberry Investments Limited, expressed confidence in the company’s strategic vision, stating, “Our continued focus on maximizing shareholder value and strategic portfolio adjustments have positioned us well for growth. We remain committed to capitalizing on emerging market opportunities while maintaining a disciplined investment approach.” He also noted that the exit on CPJ was well above the market price which
demonstrates how MJE is able to continue extracting value for its shareholders.
One of the key highlights was the 124% improvement in total comprehensive income for the full year, reaching $5.84 million, a $2.9 billion turnaround from the previous year's loss. This remarkable performance was largely driven by a $1.5 billion trading gain from the disposal of MJE's 20% stake in Caribbean Producers Jamaica (CPJ), contributing to a more robust and diversified investment portfolio. Proceeds from this transaction were strategically used to reduce debt, further strengthening MJE’s financial position.
Christopher Berry, Chairman of Mayberry Investments Limited, emphasized MJE's strategic approach, stating, “We have taken decisive steps to optimize our investment portfolio, ensuring that we remain agile and responsive to market dynamics. Our strategic disposals and reinvestments underscore our commitment to long-term shareholder value.”
Dan Theoc, CEO of Mayberry Investments Limited, highlighted MJE's strong financial management and strategic outlook for 2025. “We are optimistic about the year ahead, with positive market conditions expected from potential shifts in interest rate policy and increased activity in both the Junior and Main markets. Our disciplined investment strategy and strong financial position will enable us to seize new opportunities as they arise,” Theoc shared.
The forum also featured a discussion on SVL, a key asset in MJE's investment portfolio. Gary Peart mentioned that the future looked very bright for SVL which was expanding internationally (in Africa) and digitally through the introduction of new and diverse products.
With an optimistic outlook for 2025, MJE remains committed to leveraging market opportunities and delivering long-term shareholder value. With a disciplined investment strategy and a strong financial position, the company is well-positioned for continued growth in 2025 and beyond.