Mayberry Jamaican Equities reeling from COVID-19 as comprehensive loss skyrockets in 2020Sunday, June 20, 2021
BY DURRANT PATE
Mayberry Jamaican Equities has recorded a comprehensive loss of US$36.9 million in 2020.
This figure included unrealised losses of US$28.8 million. Net losses for the year amounted to US$8.1 million and came as a direct result of the impact of the novel coronavirus pandemic on asset prices worldwide.
Mayberry Jamaican Equities' net asset value for 2020 was US$0.07, down from the US$0.11 posted for 2019. However, total equity remained robust at US$83.8 million, while retained earnings were down to US$29.9 million coming from US$40.7 million in 2019.
The net book value per share for 2020 declined from US$0.11 in 2019 to US$0.07, a 36 per cent reduction year over year. Mayberry Jamaican Equities is a collection of the best Jamaican public listed companies on the Jamaica Stock Exchange(JSE).
Positive spin on 2020 financials
In spite of the poor financials showing for 2019, Mayberry Jamaican Equities Chairman Christopher Berry is putting a positive spin to the company's performance, highlighting that, “our capital base remained strong with shareholders' equity of US$83.8 million compared to US$130.1 million at the end of 2019,albeit a decrease of 35 per cent.”
In his forward to the company's just released 2020 annual report, Berry advised shareholders that, “despite a slew of reductions, this experience has afforded us many invaluable lessons, including the need to empower and educate investors more often, the need to shift to digital methods of working and the need to remain optimistic in the face of adversity.”
Berry declared that the company is expecting a positive impact on the earnings of its major holdings as the country and markets begin to recover from the pandemic. He expressed confidence that the Jamaican economy has shown some resiliency thus far and will start to expand. “We anticipate that the corporate earnings will also grow with this expansion giving us more opportunities to invest in Jamaica land we love.”
Gird up for sustainable growth
For her part, Mayberry Jamaican Equities Managing Director Natalie Glitzenhirn-Augustin emphasised that the company is now positioning itself for sustainable growth.
“We were extremely optimistic, charting a path of continued growth while unlocking fruitful opportunities. As the world stood and watched as the COVID-19 pandemic unravelled, Mayberry Jamaican Equities remained strong in its positioning, maintaining efficient operations, increasing its digitisation process and leveraging market research,” she explained.
Glitzenhirn-Augustin made the point that the equity company's robust leadership and effective portfolio management has aided it during this very difficult time, where local and global economies have contracted and many businesses have taken a significant hit to their bottom line, yet Mayberry Jamaican Equities has navigated the waves and remains robustly on course to long-term success.
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