Mayberry Swings to Shareholders’ Profit in Q2 2025, but H1 2025 Still Down

  • Mayberry Group Limited (MGL) reported a net profit attributable to shareholders of $227.89Mn (+124.2%) for the second quarter ended June 30, 2025 (Q2 2025), up from $101.65Mn in Q2 2024.
  • The Q2 2025 increase came amid the strong performance of its subsidiary, Widebase Limited, which contributed $1.58Bn in share of profit of joint venture. MGL’s joint venture refers to a 50.0% stake in Cherry Hills Development Limited – a Jamaican real estate company. However, these gains were overrun by heavy operating losses that featured higher unrealised losses, net interest expenses and operating expenses.
  • Net unrealised losses on investment in associates totalled $943.70Mn – a $1.65Bn swing from the $0.71Bn unrealised gains in Q2 2024. This was driven by reductions in the market price of several key stocks in the Group’s portfolio. Similarly, the group had a $0.33Bn unrealised loss on financial instruments and a $0.32Bn loss on investment properties.
  • Interest Income grew by 31.3% to $588.72Mn, but was outweighed by a 67.2% increase in interest expenses to $935.08Mn. Consequently, Net Interest Expense grew from $110.73Mn to $346.36Mn. This reflected higher interest costs due to the increase in securities sold under repurchase agreements and borrowings, which outstripped growth in interest income from margin loans and higher income earned on the company’s bond portfolio. Dividend income also fell by 50.6% for the quarter, based on dividends declared by investees.
  • Operating expenses also rose to $558.76Mn, a 12.4% increase, primarily due to higher administrative costs.
  • While shareholders’ profit totalled $227.89Mn, the group incurred $448.64Mn losses as $676.52Mn net losses were attributed to non-controlling interests. MGL’s Q2 2025 performance, when added to its Q1 2025 results, culminated in a net loss attributable to shareholders of $258.46Mn for the six months ended June 30, 2025 (H1 2025) as unfavourable market conditions continue to put pressure on the group’s bottom line. Nonetheless, the H1 2025 results are an improvement on the loss of $705.81Mn recorded for H1 2024.
  • As at the close of trading on Monday, MGL’s stock price closed at J$7.18, reflecting a 24.2% year-to-date decline. At this price, MGL trades at a P/B of 0.57x, which is below the Main Market Financial Sector Average of 1.16x.

(Sources: MGL Financial Statements & NCBCM Research)