Mayberry Investment Limited (MIL), in what it said was a reaffirmation of its position as one of the premier investment holding companies in Jamaica, experienced an increase in revenue and profit during the January–March quarter during which it recorded an increase in net profit of $1 billion.
The net profit totalled $692 million, a 309 per cent increase over the net loss of $331 million in the same quarter last year.
The company made the disclosure during this week’s Mayberry Investor briefing.
In the meantime, as compared to Q1 2021, total operational expenses climbed by $131.5 million, or 41 per cent, to $454.1 million.
The increase was attributed to increased expenditures in staff compensation costs, which increased by 31 per cent, as well as other business support areas such as computer expenses, legal and professional fees, sales and marketing, and consulting fees.
Mayberry CEO Gary Peart underscored how the company has been able to maintain its position in the market and touted the expectation of the company’s complete transition to digitisation, which he said would drive the company to transcend.
“We continue to focus on the customer. What we have reported is an indication that the economy is
coming back after a rough two years with COVID,” Peart said.
ANOTHER MAJOR MILESTONE
“It is showing in the equity market for certain companies, and we saw that for 2021, which we are seeing carry over into 2022. Another major milestone that we are working towards, which will boost our performance, is digitising our company.
“This movement, however, caused an increase in a specific area of our costs, but by the end of June, we should be about 80-90 per cent fully digital, and I believe that is where tremendous growth in our business will come from.”
He added: “Digitisation will definitely take us to another level as it can set the stage for us to be a global company.”
Peart lamented that, though the company has excelled in the first quarter, there still needs to be an improvement in MIL’s balance sheet assets.
“There is a significant opportunity for MIL to grow its balance sheet assets; it is just that we were in a very conservative mode as we were coming out of COVID-19. As we exit that phase, we can now be more aggressive on deals,” he said.
The Mayberry Group was able to make a profit despite the fact that the economy was severely constrained. The group managed to overcome the prolonged new coronavirus pandemic challenges, as well as inflation, interest rates, and the dollar’s depreciation and generated a positive quarter performance.