Massy Holdings Limited continues to reaffirm its commitment to Jamaica even as it continues to realign its portfolio of companies.

Massy is a Trinidadian conglomerate which functions as an investment holding company with three distinct portfolios, known as integrated retail (IR), motors and machines (MM) and gas products (GP). While the company’s domestic market represented 32 per cent of the group’s TT$15.83-billion (US$2.35 billion) consolidated revenue base, Jamaica contributed TT$800.41 million ($18.90 billion) and eight per cent or TT$105.52 million ($2.49 billion) in profit before tax (PBT) to the group.

“Jamaica continues to be a very important market for us. Our two gases entities there are well positioned to drive growth in that market, but also to the energy transition in Jamaica,” said Massy President and Chief Executive Officer James McLetchie at the company’s 102nd annual general meeting held at Centre of Excellence, Tunapuna, Trinidad, on Monday.

Massy Holdings announced the divestment of Massy Distribution (Jamaica) Limited (MDJL) to Acado Limited (formerly Caribbean Distribution Partners Limited) in February 2025. The move came against the backdrop of the company not having a manufacturing or retail footprint to develop the business to its greatest potential.

However, the deal has been delayed by the Jamaican Fair Trading Commission which has raised concerns about the potential monopoly on the distribution of insulin brands in Jamaica. MDJL and Aventa Jamaica Limited (formerly Health Brands Limited), a subsidiary of Agostini Limited, both distribute the three available insulin brands in Jamaica, a critical product needed for diabetics.

Christian Mouttet, chairman of Acado and Agostini Limited, told shareholders in December 2025 that the company was working with suppliers to address the over-concentration in insulin distribution and expects to meet the requirement imminently.

According to Massy Holdings Limited’s 2025 audited financials, MDJL reported a five per cent dip in revenue to TTD$352.44 million ($8.32 billion) with operating profit before finance costs and expected credit losses down 30 per cent to TTD$27.66 million ($653.36 million). Profit before tax (PBT) declined 32 per cent to TTD$26.93 million with net profit for the September 2025 financial year (FY) down 29 per cent to TTD$24.29 million ($573.75 million). The business had TTD$244.80 million ($5.78 billion) in total assets which included TTD$70.05 million in trade and other receivables and TTD$23.53 million ($555.63 million) in cash. It had total liabilities of TTD$64.93 million which leaves it with net assets of TTD$179.87 million ($4.25 billion).

This means that the two Jamaican gas businesses, Massy Gas Products (Jamaica) Limited (Gas Pro) and I.G.L. Limited, brought in an estimated TT$447.97 million ($10.58 billion) in revenue and TT$78.59 million ($1.86 billion) in PBT for the 2025 FY. Also, this means these two entities have combined assets of TT$773.14 million ($18.26 billion). These two firms were stated to have experienced headwinds in 2025 from elevated LPG costs and softer demand in the hospitality sector. A new pressure swing absorption (PSA) oxygen plant was commissioned in April 2025 to allow for increased production capacity of gaseous oxygen.

Massy previously had several businesses operating in Jamaica such as Massy United Insurance, T Geddes Grant, IGL (Industrial Gases Limited) and Hi-Lo Food Stores, Magna Rewards (Jamaica) Limited, Massy Technologies InfoCom (Jamaica) Limited and Massy Technologies Applied Imaging (Jamaica) Limited.

It even owned a stake in the joint venture with CRIF NM Credit Assure Limited before divesting its interest in March 2017. Massy Transportation Group Limited registered Massy Motors Jamaica Limited in January 2023.

Most of these sales took place under the context of Massy moving to become an investment holding company in 2017 and concentrating on its core strengths.

“We continue to stay and consider Jamaica a very important market us. We will continue to participate in the financial market going into the future,” the Massy CEO added on the company which is cross-listed on the Jamaica Stock Exchange (JSE).

Despite the apparent retreat from the Jamaican market, Massy continues to place greater emphasis on its mergers and acquisition (M&A) strategy. The company’s largest acquisition to date was its US$140.5-million acquisition of IGL. in May 2023. Massy also accessed US$150 million in unsecured funding from the InterAmerican Development Bank in February 2025, which included US$90 million term financing spread out over 10 years.

Although the company has not made any major splash since its last three acquisitions in the September 2023 financial year, James noted that the company remains disciplined and focused on the right price, right opportunity and hard currency. Massy is currently aiming to generate US$4 billion in revenue by 2030.

“M&A is a core part of our strategy. We look at a number of things every year; we had something fairly big that we were looking at the back end of the year, but it got to a price point that we were not willing to pay. What you’re seeing is extreme discipline about what we will buy,” McLetchie said on the company’s mergers and acquisitions strategy.

Massy’s stock price declined on Tuesday to TT$3.47 (J$79.84) which leaves the stock down six per cent in 2026 with a market capitalisation of TT$6.87 billion. The company’s JSE stock price traded up to $71.04 which leaves it down six per cent in 2026.

“We are going to build the best M&A engine in the region, by far. An engine that will be very disciplined on what we buy, but very clear that when we buy something, we will buy it at the right price, and we will create value for our shareholders,” McLetchie closed.