Massy profits decline by five per cent

Massy Holdings Ltd reported a decline in profits by five per cent to $813 million for the year ending September 30, as compared to $858 million for 2022.

The holding company that oversees all of Massy’s operations announced its financial performance in its audited consolidated financial statements released earlier this week.

Chairman Robert Riley, in his remarks, said the decline was expected as the company was nearing the completion of the Group’s divestment agenda, which saw several operations being discontinued last year.

“The companies whose operations were discontinued in F2022 cannot contribute to the group in FY2023 and some of the one-off gains on sales of assets and companies (such as Massy United) were not repeated in FY2023,” Riley said.

Discontinued operations cost the company $20.4 million because of impairments associated with non-core real estate assets and businesses in Barbados to be sold in 2024.

Despite the reduction, the company’s 100th year was yet another successful one.

Third-party revenue grew by 15 per cent from $12.3 billion in 2022 to $14.2 billion in 2023.

Profit before tax from continuing operations grew by 24 per cent, from $995 million in 2022 to $1.2 billion in 2023. Profit after tax from continuing operations, not counting the discontinued operations, grew by 21 per cent.

“All portfolios recorded double-digit growth with acquisitions in FY2023 contributing to incremental growth in the integrated retail and gas products portfolios,” Riley said.