Massy profits up 36% to $500m

Massy Holdings Ltd has recorded a 36 per cent increase in profit amounting to $500 million in the third quarter of its 2021 fiscal year.

In his report on the unaudited financial results, chairman Robert Bermudez described the group's performance as commendable with a 41 per cent increase in earnings per share, raising from $3.44 to $4.85 per share, and third party revenue from continuing operations increasing six per cent from $8.1 billion to $8.6 billion.

“The group continues to follow its strategy to focus on its three main industry portfolios and strategic assets associated with these businesses.”

Bermudez explained that the group saw increases in its line of business (38 per cent), interest rate parity (15 per cent) financial services and a four per cent increase in gas products, which turned around from a 10 per cent decline.

However, the motors and machines portfolio suffered significant setbacks because of closures in Trinidad and Tobago in the covid19 lockdown with a decline of 19 per cent, despite some offset from Massy’s performance in Colombia.

Bermudez added that Massy has started the process to cross list the company’s shares on the Jamaica stock exchange and expects the process to be completed in early 2022.

The company gave back to communities in response to the pandemic with its Nudge initiative which provided hampers and donations of tablets for remote learning.

Like many other businesses, the Massy Group also sees vaccination as one of the key elements in returning the country to normalcy.

“While many of the countries in the group operates continue to be challenged with the 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 business activities in which the group has greater scale and competency.”