Durrant Pate/Contributor

Mayberry Jamaican Equities (MJE) is admitting that its 2023 performance was characterized by many financial setbacks emphasizing that this has not swayed the company from its mission or commitment to its core objectives whilst showcasing resilience and flexibility amidst global economic challenges.

Executive Chairman, Christopher Berry is upbeat about 2024 despite the lackluster performance last year in which profitability nose-dived by over 148% moving from profit into a sizable loss. For the financial year ended December 2023, MJE incurred a net loss of US$15.9 million, a decline of US$49 million over the corresponding period in 2022.

This performance of the company, which invests in mainly equities, was attributed mainly to net unrealized losses on investments in associates of US$14.5 million, representing a decline of 143% when compared to the similar period last year. This resulted in a loss per share (LPS) of US$0.013 for the 2023 in comparison to earnings per share (EPS) of US$0.028 for the prior year.

Areas of improvement in 2023

Berry in his forward accompany MJE’s just released 2023 Annual Report explains that decline, “was offset by higher dividend income of US$347K or 10%, along with improved unrealized gains on financial instruments at fair value through profit and loss (FVTPL) of US$35K or 64%. The persistent high interest rate environment as well as high inflation levels in the economy negatively impacted the stock market throughout the financial year.”

He cites that the economy has commenced a period of growth, arguing that based on this growth, the management and board of MJE is anticipating a rise in corporate profitability, which will offer the company greater investment opportunities in Jamaica.

Continue to uphold robust market positions

For her part, MJE Managing Director, Natalie Glitzenhirn-Augustin says the company will continue to uphold a robust market positions, ensures streamlined operations, expands its digitization efforts, and capitalises on market intelligence noting that it will continue to be aided by strong leadership and efficient portfolio management, notwithstanding the local and global economic climates.

She points out that “since its initial public offering on the Main Market, MJE has maintained its objective of acquiring high-quality investments for its portfolio and attaining enduring, sustainable expansion. We are cognisant of the fact that the global financial environment presents formidable obstacles, but MJE will maintain its long-term concentration with the assistance of its steadfast leadership.”

Commencing 2023, MJE harboured an extraordinarily positive outlook but after successfully navigating through challenging circumstances in the past, its main objective was to maintain a trajectory of expansion and stability while capitalising on advantageous prospects.