Massy posts higher earnings
MASSY Holdings Limited has maintained its growth momentum, with its core segments and various territories returning an eight per cent improvement in revenue to TT$3.23 billion ($75.36 billion) for the first quarter ending December 31, 2022.
Massy attributed this growth to the rebound from the novel coronavirus pandemic-induced recessions in some economies and significant growth in Guyana, which has seen continued progress from the developments surrounding oil. Guyana saw a 23 per cent rise in revenue from TT$304.98 million to TT$374.44 million, which has the presence of Massy’s gas products (GP), integrated retail (IR), motors and machines (MM), and financial services segments.
GP as a segment saw the sharpest increase in revenue by 31 per cent to TT$400.30 million, with IR and MM growing to TT$2.14 billion and TT$830.37 million, respectively. Massy’s home jurisdiction of Trinidad and Tobago saw a 5 per cent increase to TT$1.29 billion, while Jamaica saw a 21 per cent rise to TT$178.48 million ($4.16 billion).
After expenses, Massy’s core segments of GP, IR, and MM, without its associate companies results, rose by 12 per cent to TT$262.81 million. Massy’s share of profit from joint ventures and associates declined by 25 per cent to TT$12.13 million due to the company divesting two associates in the prior financial year. Massy’s consolidated net profit grew to TT$203.74 million, with net profit attributable to shareholders increasing by 8 per cent to TT$177.21 million ($4.13 billion). Earnings per share from continuing operations closed the period at TT$1.79, relative to the TT$1.66 in the prior period.
Massy’s total assets increased by seven per cent to TT$13.63 billion ($317.87 billion), largely from the rise in assets held for sale, which covers Massy United Insurance Limited. Massy and the Coralisle Group are working to secure the critical approvals, which are pending, to complete the transaction. Total liabilities rose by seven per cent to TT$6.60 billion, while equity attributable to shareholders closed the quarter eight per cent to TT$6.85 billion.
“The group has a strong pipeline of organic and inorganic growth investment opportunities, which are being pursued with great vigour and enthusiasm. The group’s substantial borrowing capacity and its increased investment portfolio from the proceeds of divestment provide ample resources to fund immediate growth plans,” stated Chairman Robert Bermudez in the report to shareholders.
Massy’s stock price has declined since cross-listing in January on the Jamaica Stock Exchange (JSE) to $2,015.88 (TT$86.44), while its Trinidad and Tobago Stock Exchange (TTSE) price has remained stable at TT$105.97 ($2,471.24). The 20-to-1 stock split is set to take effect on March 11 with the JSE having a T+2 settlement period versus the TTSE, which has a T+3 settlement period.