Recently results for the first quarter (March 31) have revealed that Mayberry Jamaican Equities’ (MJE) saw profits of $944.40 million in the period, reflecting an improvement of 249.6 per cent compared to a net loss of $631.08 million for the first quarter of 2021.
Over this same period, MJE’s Total Comprehensive Income also improved, surging 920.2 per cent to close the quarter at $1.36 billion, in contrast to a comprehensive loss of $166.01 million recorded for March 2021.
MJE said its successes are underpinned by investing in Jamaica’s fastest growing public companies which deliver low risk and superior growth.
Also disclosed during this week’s Mayberry Investor briefing was the continued improvement of the corporation’s earnings per share (EPS) and net asset value (NAV), which ended the quarter at $0.79 (2021 LPS: $0.53) and $13.60 (2021: $9.75) respectively.
HOLDS POSITION IN 34 LISTED COMPANIES
MJE’s capital base continues to improve with shareholders’ equity of $16.3 billion as at March 31, 2022. The NAV for the quarter grew 39 per cent year on year, as the portfolio’s performance continued to build steadily on solid performances, stemming primarily from the J$6.5 billion or 49 per cent increase in market value of investment securities and investments in associates to J$19.7 billion. Upon closer inspection of MJE’s portfolio of investments, the company holds a position in 34 companies listed on the Jamaica Stock Exchange (JSE), with large positions in Supreme Ventures Ltd (SVL), Caribbean Producers Jamaica Ltd (CPJ), Lasco Financial Services Ltd (LASF) and GraceKennedy Ltd (GK).
The dividend income derived from the portfolio for the quarter was $131.33 million compared to $118.75 million reported 12 months earlier. While, its net unrealised gains/(losses) on investments in associates at FVTPL for the same period was $868.04 million. MJE share price opened the 2022 calendar year at $9.01, and has appreciated approximately 38 per cent year-to-date, closing the trading period at $12.44, with a corresponding price to earnings ratio (PE) of 3.69 times on April 14, 2022.
MJE’s performance is yet another stepping stone within the company’s success story.
Gary Peart, asset manager of Mayberry Jamaican Equities (MJE), reflected on the first quarter performance stating that “we are very happy that we produced the results for 2021 and the first quarter. This shows that stability is returning to the market. I say to you all that the equity market has created more wealth than any other marketplace, it is now a good time to invest. You can start by investing with as little as a thousand dollars, buy MJE”.
He added: “For a very small amount of money you can buy into a professionally managed portfolio that is increasing in value over time.”
Christopher Berry, MJE chairman, also opined: “Investor education is a big thing. We have the longest-running educator series of any company in Jamaica, and we are very happy to see a lot of other companies and individuals who have entered that space. The more people get the word, the more people will invest.”