Mayberry Reports 60% Increase in Assets in Past 5 Years

Mayberry Jamaica Equities Limited, MJE, says its asset values in US dollar terms have increased by 60 per cent over the past five years.

This was revealed at its recently held MJE Investor Forum where the Mayberry unveiled the year-end 2023 financial results.

According to MJE, the increase in its asset value in US dollars represents a compound annual growth rate, CAGR, of 10 per cent.

Mayberry says this is an impressive growth trajectory since its IPO debut in July 2018.

Meawnhile, MJE says while it experienced a decline in total assets by 2 per cent year over year, shareholders’ equity decreasing by 14 per cent was mainly due to trading losses and market valuation adjustments.

MJE says its net book value per share also saw a 14.4 per cent decrease, with the closing share price down by 24 per cent to $9.95 as of December 31, 2023.

The comprehensive loss for the year amounted to just over $18 million, primarily driven by market conditions and primarily the result of unrealised fair value losses.

During the forum, insights were provided on MJE’s investment portfolio, showcasing strategic adjustments in stock positions.

Notable additions included Dolla Financial Services, emerging as a top-ten holding for the first time, and increased investments in promising entities such as Jamaica Broilers Group and JMMB.

Executive Chairman of Mayberry Group Limited, Christopher Berry also emphasised the rationale behind key holdings such as CPJ.

He cited its dominant position as the largest purveyor to Jamaica’s hospitality sector.

Despite short-term market fluctuations, Berry expressed confidence in CPJ’s long-term growth potential, driven by Jamaica’s thriving tourism industry.