Mayberry Investments, like other financial sector players last year, was hit by the high interest rate regime and a contracting economy. To make matters even grimmer, Mayberry, a champion of Jamaican equities and heavily positioned in that mode of investment, had to withstand a bear market which has continued well into this year.

Mayberry would have to pivot and manage its predicament. It did just that.

For the 12 months ended December 31, 2024, its interest income moved to J$2.4 billion with a considerable uptick in its consulting fees and commissions of J$807 million. This was a significant improvement on the J$521.2 million posted here for the financial year ended December 31, 2023.

Net interest income doubled to J$649 billion, a vast improvement on the J$322.4 million posted for the prior year,

For the year under review, Mayberry saw its total assets rise to J$41.4 billion, an improvement on the J$40.4 billion posted for the previous year. Total liabilities climbed to J$35 billion, almost J$3 billion more than the J$33.8 billion posted for financial year 2023.

Mayberry must take heart from posting a net profit of J$139.3 million, a major rebound from the J$914.2 million loss posted in the prior year. Total comprehensive income climbed off the floor to stand at J$153 million compared to a loss of J$1.4 billion posted for 2023.

The investment house that sees now sees Gary Peart as chairman of Mayberry Investments with Patrick Batallie coming in as CEO while Christopher Berry serves as executive chairman of the ultimate parent entity, Mayberry Group, was unable to notably curtail operating expenses which climbed to J$2.2 billion, a somewhat marginal increase on the J$1.8 billion posted for 2023. Salaries and staff costs were trimmed to J$777.5 million, which was just shy of the J$800.5 million posted in the prior year.

It tends to be the case in Jamaica that when companies take a financial hit, they reflexively cut back on marketing and PR. Not so Mayberry, which saw its sales, marketing and PR spend increase to J$114.8 million. This expense line came in at J$105.5 million for 2023. Other operating expenses rose to J$1.1 billion, which was practically on par with 2023’s J$1.1 billion.

The dreaded asset tax can be seen impacting Mayberry’s financial performance. For the year under review, it had to cough up J$84.6 million, an increase on the J$57.9 million it had to fork out for 2023.

Taking a look at investment securities at amortised cost, net of ECL, Mayberry took a J$5.2 billion position in Government of Jamaica bonds for the financial year under review. For the previous year, Mayberry was less forthcoming here with just J$1.5 billion. Maberry stuck its neck out with corporate bonds, weighing in with J$3.6 billion as opposed to the J$1.4 billion registered for 2023. Total investments securities at amortised cost, net of ECL, came to J$8.8 billion, a significant jump on the J$2.9 billion posted for the prior year. Total investment securities for 2024 increased to J$9.6 billion, practically tripling 2023’s J$3.6 billion figure.

A dividend of $0.29 was approved on 16 December 2024 to those shareholders on record as at December 2024. 

Commenting on Mayberry’s performance for 2024, chairman Gary Peart said: “This year’s performance highlights the strength of our diversified business model and our ability to navigate a complex economic landscape. We remained focused on executing our strategies and delivering value for our shareholders.”
Mayberry has made several forays into the bond market as it looks to refinance maturing bonds. It has been successful in this endeavour again and again seeing its instruments oversubscribed.  This is where the marketing and PR paid off, and Mayberry was justly rewarded. It must be heartening to have the confidence reposed in Mayberry by the Jamaican investing public when other financial institutions have been less fortunate with their instruments.”

A prolonged bear market has not deterred Mayberry, nor has it sapped its confidence. It remains well-positioned to make the most of the rebound in local equities.

“We are well-positioned to capitalise on opportunities as they arise. Mayberry’s strong balance sheet, experienced management team, and proven track record give us confidence that we can continue to grow and deliver solid returns for our stakeholders,” said Peart.