Despite lockdowns and significantly slowed economic activity in most of its markets, the Massy Group’s third quarter performance continued on its upward trajectory. In filings from the Port-of-Spain headquartered conglomerate, Massy Holdings said in the last three months of this fiscal year ending June 30, some TT $2. 69 billion in revenue was generated by the group of companies.
This was up significantly on the TT $2.19 billion in revenue for the same period in 2020. When it came to group after-tax profits for the quarter, Massy reported TT$186 million, and this represented a significant gain on the TT$104.52 million profit for the comparable period last year.
Commenting on the performance, Massy group chairman, Robert Bermudez said the conglomerate’s third quarter was characterized by “mixed signs of recovery from the COVID- 19 pandemic”. He noted that some economies such as Jamaica and Barbados’ began experiencing recovery in their tourism sectors.
On the other hand, Bermudez highlighted the spikes in COVID-19 cases and deaths in Trinidad and Tobago, which resulted in lockdowns and curfews in that twin-island republic.
Describing the group’s year-to-date performance as “credible”, the chairman disclosed that group third-party revenue from continuing operations increased by six per cent over the same period in 2020, moving from TT$8.1 billion to TT$8.6 billion. “Profit after tax increased by 36 per cent from TT$367 million to TT$500 million, and earnings per share improved by 41 per cent, from TT$3.44 to TT$4.85 per share,” he noted. According to Bermudez, the Massy group continued to follow its strategy to focus its investments on three main industry portfolios and strategic assets associated with these businesses.
“In [the third quarter], the sale of the group’s 50.5 per cent stake in Roberts Manufacturing [in Barbados] to Proven Investments Limited received final regulatory approval, which cleared the way for the transaction to be completed in June.
The group also completed the sale of Mass Pres-T-Con Holdings Ltd. The net gain on the sale of these businesses was TT$71.6 million,” Bermudez disclosed.He also spoke to Massy Group’s plan to cross-list on the Jamaica Stock Exchange, adding that advisors were appointed to achieve the cross listing. Addressing the economic situation facing the countries in which Massy operates, Bermudez expressed cautious optimism going forward.
“While many countries in which the group operates continue to be challenged with health and economic crises created by the pandemic, the group continues to perform commendably, with its emphasis on pushing greater autonomy to the management teams in its portfolios and focusing on the businesses and activities in which the group has greater scale and competency.”
The group chairman said the companies would continue their contributions in the area of corporate social responsibility and promote a healthy workplace environment for staff. “For this reason, we are assisting with campaigns to address vaccine hesitancy in all operating jurisdictions and supporting public and private sector collaborations in the operation of mass vaccination sites, particularly in Trinidad. (IMC1)
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