Massy profits drop despite all-time high revenue

MASSY HOLDINGS Ltd reported a $100.5 million or 12 per cent reduction in after-tax profits, for the year ending September 30, recording $712.4 million, as compared to $812.9 million the year before.

However, this came out of an 11 per cent increase in the company’s revenue, which stood at $15.7 billion, as compared to $14.1 billion for the same period the year before.

The conglomerate’s audited consolidated financial statements for the 12 months ending September 30 were published on November 26.

A news release on November 26 said the reduction in profits was the result of several one-time costs, including adjustments to outstanding customer balances, increased interest expenses from recent acquisitions and investments.

“These investments were critical to preparing Massy for long-term success as a modern, international investment holding company,” Massy said.

For the quarter ending September 30, Massy earned $239 million in profits after tax, as compared to $291 million the year before. This came from a revenue of $4 billion.

Despite the reduction in profits, Massy described the company’s performance for the year as “strong.”

“We are building a stronger future,” said Massy CEO David Affonso. “These results not only reaffirm our financial strength, they also reflect our commitment to supporting our employees, the communities we serve, our partners and our shareholders, all of whom put a lot of trust in us.”

The group also addressed the changes in its leadership team over the past year. Affonso said the changes will strengthen the group.

“These leaders bring skills and expertise that not only strengthen our ability to deliver financial value but also enhance our efforts to support employees and make a positive impact in the communities we serve.”

This year, Dr Karlene Bailey joined as chief risk officer, Nadia McCarthy was appointed senior vice president of people and culture, Wendy Kerry was promoted to executive vice president and group general counsel and Ambikah Mongroo was appointed executive vice president of the retail portfolio, Massy’s largest business division.

On November 19, the Robert Riley-led board declared a final dividend per share of 13.63 cents, bringing the total dividends per share for the financial year ended September 30 to 16.78 cents an increase of six per cent.

The company said starting in the first quarter of 2025, Massy will pay dividends every three months instead of annually.

“This change means our shareholders will receive more frequent and predictable income,” said James McLetchie, Massy’s chief financial officer. “It reflects our confidence in Massy’s financial health and aligns with our broader goal of delivering value consistently to everyone —our shareholders, employees, and communities.”