Massy Holdings profits increase by 19%

Globally growing Massy Holdings saw a 19 per cent or $354 million (US$52.5 million) profit after tax, according to its consolidated financial report for the period ending March 31. 2023.

Massy saw a revenue of $6.8 billion (US$1 billion) as compared to $6.1 billion for the same period in 2022.

The profit after tax for the year before was $353.5 million.

Robert Bermudez, in his final chairman’s statement, said there was strong profit-before-tax growth of 20 per cent in the integrated retail portfolio and a motors and machines portfolio growth of 11 per cent, which offset the profit-before-tax decline in the gas-product portfolio of about 11 per cent.

The company acquired Rowe’s IGA supermarket chain in Jacksonville, Florida in December last year, which was described as a major step in achieving the groups global vision.

It also acquired AirLiquide’s operations in TT for US$57 million to solidify its position as a leader in gas manufacturing and is currently working with the Jamaica Fair Trade commission to get approval for the acquisition of IGL Jamaica for an estimated US$140 million.