Massy Group celebrates record-breaking performance, dividend payout

THE MASSY Group has boasted its second consecutive year of record-breaking financial performance and a six per cent increase in dividend payout.

The group issued a public announcement in the Newsday (page 6) on January 16, a day after its 101st annual general meeting (AGM) at the Hilton Trinidad, St Ann's, highlighting its highest-ever revenue and cash flow figures.

Chairman Robert Riley delivered opening remarks, expressing pride in the company’s performance.

Massy saw an 11 per cent growth in revenue to $15.7 billion and a 33 per cent increase in net cash flow, reaching $1.1 billion.

He attributed the results to improvements in working capital management and praised the group’s over 13,000 employees for their dedication.

“The group also demonstrated financial resilience, with a strengthened balance sheet and greater agility for future investment and growth,” Riley said, adding that the performance validated Massy’s growth and sustainability strategy.

Group CEO David Affonso, addressing shareholders, outlined the group’s ambitious “2030 Vision” of achieving $25 billion in revenue, with more than half earned in hard currency. He said the vision would be driven by organic growth from existing businesses and disciplined mergers and acquisitions.

Affonso also credited Massy’s progress with governance strengthening, including a leaner board structure, enhanced reporting on environmental, social, and governance (ESG) matters and improved investor relations. These efforts, he said, earned Massy recognition from the TT and Jamaica stock exchanges for its governance practices in 2024.

The CEO acknowledged challenges in the past year but framed them as opportunities to demonstrate resilience.

“Operational excellence and cash generation (are also) key to our 2030 vision as we aim to make the Massy share a best-in-class stock, creating intergenerational wealth for all of our shareholders.” Affonso said.

The group also announced its move to quarterly dividend payments starting in the 2025 financial year, a significant shift aimed at enhancing shareholder value.

In a separate announcement, Massy expressed gratitude to independent director Suresh Maharaj, who retired from the board after serving since May 2017.

Maharaj, a respected corporate and investment banking figure, was credited for his transformative leadership and pivotal role in Massy’s divestment strategy.

Massy said under his stewardship the company achieved strategic outcomes that bolstered efficiency and aligned with long-term goals.

His career includes 42 years at Citibank, where he was reportedly the first West Indian to become regional CEO for 13 Caribbean and Central American countries.