KINGSTON, Jamaica — Brokerage house Mayberry Investments says it has much cause to celebrate its 33rd anniversary, after “a great year with steady growth”, which it attributes to solid management strategy and planning.

Gary Peart, Mayberry’s Chief Executive Officer (CEO), in presenting the company’s financial results at its annual year-end results meeting on Wednesday at the Knutsford Court Hotel, revealed “tremendously high profits” for the financial year ended December 31, 2017.

The company has retained its place as one of the top equity brokers in Jamaica, responsible for approximately 61 per cent and 30 per cent of the traded volumes that crossed the JSE’s trading floor in the Junior and main markets, respectively, during 2017.

Mayberry said that for the 2017 financial year, it recorded revenues of $2.2 billion, a year-over-year increase of $993 million, compared to the increase of 82 per cent in 2016.

Peart said that this resulted from increases in corporate financial advisory fees and commissions, as well as unrealised gains on investment revaluation of $1.1 billion. They were offset by lower net trading and foreign exchange gains.

The operating expenses for the year 2017 were $1.926 billion, which was 78 per cent higher than the year ended 31 December 2016. The $847 million increase was driven by an increase in impairment of investments of $677 million.

For the third consecutive year, Mayberry recorded in excess of a billion dollar of income. The year’s results reflect a comprehensive income for the year of $2.389 billion, an increase of 89 per cent, when compared to 2016. Stockholders’ equity increased by $2.1 billion, or 29 per cent, to close the year at $9.36 billion or J$7.79 per share.

Balford Henry