Massy first-quarter profits up by 20%

MASSY HOLDINGS Ltd posted a 20 per cent increase in profits in their second quarter (January March 2021) in comparison to the same period last year.

In a chairman’s report in its unaudited financial statements, Massy Holdings announced it went up to $314 million in profits after tax as compared to the same period in 2020, where they garnered $263 million. The group’s earnings per share also grew by 24 per cent, climbing from $2.41 per share last year to $2.98 per share this quarter.

It, however, declined in third-party revenue by one per cent.

The group’s main business portfolios experienced interruptions because of a decline in activity, stock and demand, some of which was related to covid19, but the new active management of investment portfolios brought gains which offset the poor performance in other areas.

Chairman Robert Bermudez said the performance of the Interregional Reinsurance Company Ltd (TIRCL) and Treasury investment portfolios managed by the Corporate Head Office, as well as in the performance of the Financial Services Line of Business produced a 120% increase in PBT contribution versus prior year.

“The economies of countries in which we operate continue to struggle when compared to prior year and without the extra consumer spending which took place in March 2020 ahead of lockdowns and restrictions, consumer demand was even lower in the Second Quarter (Q2) of Financial Year (FY) 2021 than FY2020,” Bermudez said.

In a subsequent release Massy Holdings announced it took the decision to apply for the cross-listing of the company’s shares on the Jamaican Stock Exchange.

“The board considered the market sophistication and growth opportunities evident in the Jamaican securities market which has become increasingly more dynamic over the past few years,” it said in the release.

In its financial report Massy said its board expects once the application is approved, it will drive a greater interest in the company’s shares, which would benefit all shareholders.

Massy also announced the retirement of independent director William Lucie-Smith effective on May 31. Effective from June 1, Bruce Melizan will be appointed as independent director in Lucie-Smith’s place.

“The chairman and the board of directors would like to thank Mr Lucie-Smith for his years of dedicated service to the company,” it said in the release.