Mayberry Jamaican Equities reduces losses

 


Caribbean Money Daily. Mayberry Jamaican Equities Limited (MJE) reported net profit of J$117.7 million, an increase of J$427 million or 138 per cent for the three months ending December 2024 compared to a net loss of $309.5 million for the corresponding quarter in 2023.


This performance was primarily attributed to improvements in net unrealized gains on investments in associates at fair value through profit and loss (FVTPL) of $238 million or 244 per cent and financial instruments at FVTPL of J$68 million or 182 per cent when compared to the similar quarter in 2023.

Total operating expenses for the quarter increased by J$18.7 million or 34 per cent to J$74 million when compared to the corresponding period in the prior year. This resulted in an earnings per share (EPS) of J$0.10 (2023: (LPS) J$0.26).

The Company reported growth in operating income of J$2.3 billion for the twelve months ended December 31, 2024. A net loss of J$138.5 million was reported compared to a net loss of J$2.4 billion for the corresponding period in 2023.

This performance was due to an increase in trading gains of J$1.6 billion and growth in unrealized gains by 204 per cent or J$181 million on fair value through profit, and loss (FVTPL) investments in the investment portfolio.

In addition, MJE reported net unrealized losses on investments in associates of J$1.4 billion compared to losses of J$2.3 billion for the corresponding period in 2023. Total operating expenses for the twelve months ended December 31, 2024, increased marginally by J$677K to J$215 million or 0.3 per cent when compared to the 2023 comparative period.

This resulted in a loss per share (LPS) of J$0.12 for the twelve months ending December 31, 2024, versus a loss per share (LPS) of J$2.04 for the 2023 comparative period

Total assets as at December 31, 2024, were valued at J$23.6 billion. This represents a 3.4 per cent decrease from the J$24.5 billion reported as at December 31, 2023. The J$840.3 million decrease was mainly attributable to the J$1.9 billion or 12 per cent reduction in the carrying value of investments in associates, primarily due to the disposal of the Company’s 20 per cent stake in associated company CPJ for J$2.3 billion.

This was offset by cash resources higher by 43.1 per cent and investment securities increased by 14.4 per cent due to net additions and unrealized gains on the portfolio. Total liabilities amounted to J$5.8 billion as at December 31, 2024, a decrease of J$1.4 billion or 19.8 per cent compared to December 31, 2023, driven primarily by the repayment of debt.

Caribbean Money Daily

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