Christopher Berry, chairman of Mayberry Investments Limited says that despite facing market headwinds during the first half of 2023, the firm navigated the challenges and executed several strategic deals, positioning the company for sustained growth in the coming years.

Berry, speaking at the company’s annual general meeting (AGM) at the Courtleigh Hotel in New Kingston on Wednesday (July 26), confidently outlined the company’s strategic outlook for 2023 and beyond.

He expressed optimism about the stability of interest rates, anticipating no further increases and signalling a favourable environment for businesses to access capital at reasonable rates.

According to Berry, “This environment fosters increased economic activity and confidence, spurring positive growth for Mayberry in the short to medium term. Our projections suggest a strong market performance over the next 18 months, leading into 2025, with shareholders poised to benefit from this growth trajectory.”

Mayberry shareholders, investors, and other stakeholders were informed that the company reported a creditable financial performance for the fiscal year, with group earnings reaching J$7 billion, representing a 55 per cent increase compared to the previous year.

This substantial growth was driven primarily by $5.2 billion in unrealized fair value gains from Mayberry Jamaican Equities’ (MJE) portfolio of Jamaican listed equities. Additionally, Mayberry distributed $173 million in dividends, reaffirming its commitment to rewarding shareholders.

CEO of Mayberry, Gary Peart, highlighted the company’s robust capital position, pointing out that “with shareholders’ equity increasing to $16.8 billion from $10.8 billion over the past five years, this demonstrates the significant growth in the company’s capital base”.

“Net profit surpassed $4 billion for 2022, showcasing strong financial stability and our prudent investment strategies. Despite the challenges posed by the COVID-19 pandemic, Mayberry displayed resilience and has consistently delivered positive financial results,” Peart opined.

The meeting further highlighted the strength of Mayberry’s diversified revenue streams, which encompass equities, real estate, currency trading, and investment banking. These varied investments strategically positioned Mayberry to capture opportunities in different asset classes, mitigating risks and enhancing returns for shareholders.

Notably, Peart addressed the undervalued nature of Mayberry’s stock, emphasising that its book value significantly exceeds its current market price. This discrepancy in Mayberry Investment’s financial performance represents a unique investment opportunity for shareholders to capitalise on potential market gains and long-term value creation.

Mayberry is committed  to deliver consistent dividends and increasing shareholder value. Peart reiterated that “Mayberry’s long-term investment approach prioritises identifying undervalued assets, providing shareholders with the potential for robust returns over time.”

During the question and answer session, shareholders inquired about Mayberry’s cybersecurity measures.

The chief executive responded by outlining Mayberry’s significant investments in enhancing cybersecurity infrastructure, hiring cybersecurity experts, and implementing strict protocols to protect sensitive data. These measures underscore its dedication to safeguarding clients’ information and mitigating cyber risks effectively.

Peart expressed gratitude to the board, fellow directors, employees, and clients for their collective contributions to Mayberry’s success. He extended his appreciation to the shareholders for their steadfast support throughout the Mayberry’s journey.

The meeting concluded with Peart reiterating Mayberry Investments’ commitment to growth, value creation, and lasting relationships with stakeholders.