Mayberry Jamaican Equities (MJE) saw its profits for 2022 increase by 104 per cent, supported by a fourth-quarter rebound in its stocks portfolio.

According to unaudited financial statements for financial year 2022, the company earned $5.05 billion in net profit after tax when compared with $2.48 billion for the year ended December 31, 2021.

The company noted that the earnings were generated in a challenging global economic environment marked by high inflation, global conflicts and tightening monetary policies that resulted in high interest rates.

“The pull-back in local equities market beginning in the third quarter of 2022 adversely impacted MJE’s half-year results but several strategic stocks in the portfolio rebounded in the fourth quarter, buttressing the full year’s solid performance with net unrealised gains on investments in associates increasing by $2.7 billion or 105 per cent to 5.2 billion. This was complemented by dividend income increasing by 41 per cent or $160 million to $459 million,” the directors informed shareholders in their report.

MJE credited the jump in dividend income to the contributions of Supreme Ventures, GraceKennedy, Jamaica Broilers Group, Lasco Distributors, and Lumber Depot.

Net operating income was totalled $5.54 billion, reflecting a 99 per cent increase from a year ago. At the same time, operating expenses rose by 61 per cent over the corresponding period in 2021 to $491.83 million.

Directors noted that the upward movement in expenses was due to an increase in management and incentive fees. In the fourth quarter, however, MJL saw its expenses offset by a reduction in computer licensing fees and software impairment.

Total assets for the year ended $24.35 billion compared with $18.41 billion in 2021. Cash and bank balances dipped less than a per cent to $311.27 million,