May 11, 2023
Massy Holdings Limited (MASSY) for the six months ended March 31, 2023:
Expressed in T&T Dollars (except where it is indicated otherwise):
Revenue increased 11% to $6.80 billion (2022: $6.14 billion). For the quarter, revenue increased 17% to $3.40 billion (2022: $2.91 billion).
Operating profit after finance costs increased 19% to $508.73 million (2022: $426.76 million). For the quarter, operating profit after finance costs increased 31% to $215.72 million (2022: $164.28 million).
Share of profit of associates and joint ventures declined 41% to $11.22 million (2022: $18.89 million).
Profit before taxation increased 17% to $519.95 million (2022: $445.65 million).
Taxation charges increased 13% to $166.36 million (2022: $147.69 million). As a result, profit from continued operations increased 19% to $353.58 million (2022: $297.96 million) and profit from discontinued operations declined 82% to $5.29 million (2022: $28.89 million).
Net profit increased 10% to $358.87 million (2022: $326.85 million). For the quarter, net profit increased 22% to $150.52 million (2022: $123.11 million).
Total profit attributable to owners of the parent increased 9% to $333.07 million (2022: $304.83 million). For the quarter, total profit attributable to owners of the parent increased 22% to $138.25 million (2022: $113.50 million).
Earnings per share (EPS) amounted to $0.168 (2022: $0.154). For the quarter, EPS amounted to $0.070 (2022: $0.057). The trailing twelve-month EPS amounted to $0.425. The number of shares used in the calculations is 1,979,384,540. MASSY’s stock price closed the trading period on May 10, 2023 at $99.35 with a corresponding P/E ratio of 10.39x.
Balance Sheet Highlights:
Total assets as at March 31, 2023 increased 1% to $13.94 billion (2022: $13.77 billion). This movement was primarily due to an 87% increase in ‘Financial Assets’ to $1.97 billion (2022: $1.06 billion) tempered by a 97% decline in ‘Assets classified as held for sale’ to $74.75 million (2022: $2.31 billion).
Shareholders’ equity as at March 31, 2023 increased 5% to $7.11 billion (2022: $6.76 billion) resulting in a book value per share of $3.59 (2022: $3.41).
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.