Mayberry through Widebase Limited seeks increased holdings in Dolla Financial

 



Dolla Financial Services Limited  advises that it has received a notice that Widebase Limited  has acquired a further  seven per cent of DOLLA thereby bringing its total holdings to 21.00 per cent of DOLLA. Widebase stated in its notice that it is a wholly owned subsidiary of Mayberry Group Limited (MGL).

Widebase further advised that it intends to seek approval to hold 20 per cent or more of Dolla from the Bank of Jamaica, the regulator of micro-credit institutions.

In February 2025 Kenroy Kerr, Chief Executive Officer of Dolla Financial Services Limited said  that the company’s collateral-backed model for loans has delivered consistent improvements in company performance.

For the fourth quarter ended December 31, 2024. Reports that total income reached $1.5 billion, representing a year-over-year (YoY) increase of $363 million or 24 per cent.

Net interest income (NII) before expected credit losses (ECL) totaled $1.2 billion, an increase of $238 million or 19 per cent. Net profit for the period was $452.56 million, compared to $419.13 million at December 2023.

Dolla Financial Services Limited was incorporated in Jamaica in 2009 but commenced operations in October 2014. On June 2022, the company was listed on the Jamaica Stock Exchange.

In 2020, the Montego Bay-based micro-finance and Cambio operation was sold to First Rock Capital.

Today Dolla has grown to 11 branches and two subsidiaries, one of which -Guyana- was subsequently wound up. The other, Ultra Financier Limited has a loan book in the region of $1 billion.

Ultra Financier Limited, incorporated on 3 August 2022 is 100 per cent owned by Dolla. 
Located in Barbican Business Centre in Kingston, the company has been focused on asset-based lending backed by luxury assets, later repositioning as a private credit company.

For the year ended December 2024, expenses for Dolla rose by $171 million or 24 per cent to $707 million, driven, the company stated, “by strategic investments in staff capacity, regulatory compliance, and expanded marketing initiatives.”

Profit before tax increased by $37 million or 8 per cent YoY, reaching $482 million. Earnings per share (EPS) for the year stood at $0.18.

The loan portfolio expanded by $1.55 billion or 63 per cent year-over-year (YoY), reaching $4 billion net of expected credit losses. The bulk of this growth was seen in late Q4 2024 after a successful bond raise. 

 

Business loans comprised 84 per cent, while personal loans made up the remaining 16. Secured loans accounted for 86 per cent of the portfolio, reflecting the company's risk management strategy, while unsecured loans represented 14 per cent.

Kenroy Kerr, CEO commented, "Our collateral-backed approach helped maintain portfolio quality, with non-performing loans (NPLs) at 9.9 per cent and expected credit Losses (ECL) hitting a low of 2.6 per cent."

Liabilities and shareholders' equity total liabilities rose to $3.4 billion, an increase of $1.4 billion or 71 per cent, driven by a successful fund raise of $1.65 billion in late Q4 2024.

Loans payable grew to $3.2 billion, up $1.35 billion or 73 per cent.

Shareholders' equity climbed to $1.15 billion, an increase of $165 million or 17 per cent reflecting enhanced profitability and strengthened investor confidence. The Board of Directors approved a dividend of $0.008 per share on November 8, 2024.

 

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