MJE Net Profit Improves Amidst Improvement in the Stock Market

• Aided by the recovery in the local stock market,  Mayberry Jamaican Equities reported earnings of $406.66Mn (EPS: $0.34) for the six months ending June 2021, a significant improvement over the $1.15Bn net loss in H1 2020. 
• Operating income totaled $573.82Mn, relative to the -$1.10Bn loss in 2020 as the stock market grew by +9.0% during the period, relative to the 26.1% contraction recorded in 2021 due to COVID-19 induced sell-off. The company also recorded $496.43Mn in unrealized gains on investments, compared to the $1.25Bn loss incurred in 2020. 
• Investor sentiment improved during the 2021 period as the government relaxed restrictions, and a number of companies on the stock market saw improved earnings, which received positive reactions from investors. 
• MJE stock price has appreciated by 12.9% since the start of the year and closed trading at $9.01 on July 08, 2021. The last reported net asset value per share for period ending June 30, 2021 was $12.42, which means that the fund currently trades at a 37.8% discount to NAVPS.

(Source: Company Financials