Mayberry Group Limited delivered a resilient performance for the financial year 2024, recording a total comprehensive income of $153 million, compared to a loss of $1.4 billion in 2023.
This turnaround was achieved despite ongoing challenges in the macroeconomic environment and reflects the Group’s disciplined management and diversified investment strategy.
"This year’s performance highlights the strength of our diversified business model and our ability to navigate a complex economic landscape. We remained focused on executing our strategies and delivering value for our shareholders," stated Gary Peart, Mayberry Investments Limited Chief Executive Officer.
Dividend payments continued to be a strong feature of Mayberry’s shareholder returns. Over the past six years, the Group has maintained an average dividend payout of approximately $300 million per annum, delivering a consistent dividend yield of between 4% and 5% relative to the stock price. In total, Mayberry has distributed $4.4 billion in dividends over time. Cumulatively, including dividends, the value per share has grown from $3.27 to $16.21 over the past 20 years, reflecting the Group’s commitment to building long-term shareholder value.
While certain unrealized equity gains were recorded under Other Comprehensive Income and therefore not reflected on the top line, the Group’s overall financial performance remains robust. Equity investments delivered over $800 million in realized gains during the year, outperforming the broader Jamaican stock market, which rose by approximately 2% during the period.
"Our equity portfolio continued to deliver solid returns," Peart added. "We took advantage of opportunities in the market, which contributed meaningfully to our bottom line, even in a year where overall market performance was subdued."
The Group also made significant investments to strengthen its foundation for future growth. Over $148 million was provisioned for expected credit losses, ensuring conservative risk management amidst a challenging economic environment. In technology, the launch of the Mayberry App provided clients with enhanced access to trading services, contributing to improved operational efficiency.
In the real estate segment, Wide Base continued its development activities with its Chalmers project, incurring expenses during the year without corresponding sales or rental income being booked in 2024. However, subsequent to the financial year-end, sales agreements for approximately eight to nine acres of land were completed, and related revenue will be reflected in the 2025 financial results. Additionally, Mayberry finalized a major strategic acquisition of 1,000 acres of land in St. Thomas, positioning the Group to benefit from future demand for residential and commercial development in that region.
The Group maintained a strong financial position with low leverage and a healthy cash balance, supported by the successful divestment of non-core assets and disciplined debt repayment. These actions provide the flexibility to pursue new opportunities while safeguarding against market volatility.
Investment banking and brokerage activities remain core strengths, with Mayberry continuing to execute well on bond issuances and equity transactions. The Group’s bond offerings, including recent instruments yielding up to 10%, have seen strong investor demand. Foreign exchange trading also performed well, with the Group delivering competitive rates and growing market share among its boutique clients.
Looking ahead, Mayberry anticipates continued market volatility into the first half of 2025, driven by global economic uncertainty. However, the Group’s diversified investment approach, strong capital base, and disciplined execution provide a solid platform for future growth. Opportunities are expected to emerge, particularly if interest rates decline and equities markets strengthen in the latter half of the year.
"We are well-positioned to capitalize on opportunities as they arise," Peart concluded. "Mayberry’s strong balance sheet, experienced management team, and proven track record give us confidence that we can continue to grow and deliver solid returns for our stakeholders."
The Group remains confident in the medium-term potential of its portfolio, including its investment in international fintech company Kio, which recorded a 40% uplift in valuation in 2024.
Mayberry Group remains committed to delivering value to shareholders through disciplined management, strategic growth initiatives, and maintaining resilience in dynamic market conditions.