Massy profits grow 21% in 100th year

MASSY Holdings Ltd reported an increase in profits after tax of 21 per cent in its audited consolidated financial results for the financial year ending September 30 2023.

The financial results said Massy Holdings earned $833.3 million in profits for the year as compared to $689 million for the same period in 2022.

Third-party revenue grew by 15 per cent from $12.3 billion for the financial year ending September 30 2022, to $14.2 billion this financial year. Profit before tax grew 24 per cent, from $995 million in 2022 to $1.2 billion in 2023.

Chairman Robert Riley said all portfolios showed growth with acquisitions in 2023 contributing to growth in retail and gas products, as well as performance of its divested funds portfolio.

The group, Riley said, declared a final dividend of $12.68 per share which brings the total dividend share to $15.83.

Riley in his statement thanked colleagues for their hard work and dedication throughout the year.

“Every team, every colleague had their own challenges to face and have risen to meet those challenges incredibly well.”

The company’s 100-year celebrations would be bittersweet as the group’s CEO Gervase Warner announced that he would be stepping down, with executive vice-president David Affonso taking the helm.

His retirement comes a year early and is amid investigations into claims made by former Massy Group counsel Angelique Parisot-Potter of “bizarre rituals” for executives which she claimed was a drain on scarce foreign exchange.

Warner is expected to retire in April.