Mayberry Investments Limited is known to be a champion of Jamaican equities so it came as no surprise that its sister company, Mayberry Jamaican Equities (MJE) took a significant hit for financial year end, 2023.

While Mayberry Jamaican Equities experienced a decline in total assets by two per cent year over year, shareholders’ equity decreased by 14 per cent mainly attributed to trading losses and market valuation adjustments. The net book value per share also fell by 14.4 per cent, with the closing share price down by 24 per cent to $9.95 as of December 31, 2023. 

All this translated into a loss per share of US$0.013 for the 12 months ended December 31, 2023, versus earnings per share of US$0.028 for the year 2022.

The comprehensive loss for the year amounted to US$18.3 million, primarily driven by market conditions and unrealized fair value losses.

Mayberry Jamaican Equities was impacted by an inhospitable operating environment which has also hurt a number of financial sector players. Amidst a challenging economic backdrop with significant market downturns, including an 18 per cent decrease in the main market index and a 17 per cent decrease in the financial index, MJE demonstrated resilience. Despite high inflation and interest rates throughout 2023, MJE remained focused on its mission to achieve long-term capital appreciation by investing in high-quality, publicly listed entities.

During a presentation on MJE’s performance, attention was drawn to its growth trajectory since its IPO debut in July 2018, where its asset values in US$ terms have increased by 60 per cent over the last five years, representing a compound annual growth rate (CAGR) of 10 per cent.

The Mayberry Investors’ Forum provided insights on MJE’s investment portfolio, showcasing strategic adjustments in stock positions. Notable additions included Dolla Financial Services, emerging as a top-ten holder for the first time, and increased investments in promising entities such as Jamaica Broilers Group and JMMB.

Christopher Berry emphasised the rationale behind key holdings such as CPJ, citing its dominant position as the largest supplier 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.

“CPJ remains a cornerstone of our portfolio, reflecting its pivotal role as the leading provider to Jamaica’s vibrant hospitality sector. Despite market volatility, we maintain unwavering confidence in CPJ’s enduring growth trajectory, fueled by the resilience of Jamaica’s burgeoning tourism industry,” declared the Mayberry boss. 

Gary Peart who heads up gaming giant Supreme Ventures Limited (SVL) while serving as Mayberry’s CEO took the opportunity to highlight SVL’s strong profitability and expansion into new markets like Ghana. Peart pointed to SVL’s consistent dividend payouts and robust financial performance, underpinning its strategic importance within MJE’s portfolio.

“Supreme Ventures Limited’s impressive profitability and strategic expansion into emerging markets like Ghana reflect its unwavering commitment to growth and innovation. With consistent dividend payouts and resilient financial performance, SVL continues to solidify its position as a cornerstone within MJE’s investment portfolio,” said Peart. 

Mayberry called to attention the buying opportunity presented by MJE’s current market valuation, as evidenced by its stock price trading at a notable discount to its net asset value (NAV). With a 30 per cent discount observed as of December 2023, the group believes MJE offers compelling value for investors seeking exposure to Jamaica’s resilient stock market.

Mayberry Group Limited reaffirmed its commitment to delivering long-term value for investors through prudent investment strategies and rigorous portfolio management, while preparing for the upcoming launch of the Mayberry Jamaican Equities Bond Offer which is expected later on in March 2024. 

Mayberry Jamaican Equities currently holds stocks in 40 companies listed on the main and junior markets of the Jamaica Stock Exchange (JSE). Its stock price closed down at $10.70 on Tuesday (March 12).