November 27, 2024
Massy Holdings Limited (MASSY)
Audited financials for the year ended September 30, 2024:
Massy Holdings Limited (MASSY) for the year ended September 30, 2024, reported an 11% increase in Revenue totaling TT$15.72 billion compared to TT$14.20 billion in the corresponding period last year. Revenue for the fourth quarter had a 5% increase to close at TT$4.05 billion compared to TT$3.87 billion for the comparable quarter of 2023. In addition, cost of sales amounted to TT$11.50 billion a 13% increase from the TT$10.18 billion reported for the year ended of 2023. Gross profit also had an increase to reach TT$4.22 billion for the year end of 2024 (2023: TT$4.01 billion).
Finance costs amounted to TT$291.67 million (2023: $217.67 million), this represents an increase of 34% year over year. Consequently, operating profit after finance costs decreased by 17% to TT$1.02 billion compared to TT$1.23 billion for the twelve months ended September 30, 2023. The company booked operating profit after finance costs of TT$396.99 million for the fourth quarter versus TT$467.50 million reported for the similar quarter of 2023.
Share of profit of associates and joint ventures increased by 3039% to close at TT$119.03 million (2023: TT$3.79 million), while Profit before income tax decreased by 8% from TT$1.23 billion in 2023 to TT$1.14 billion in the period under review. As a result, income tax expense for the twelve months ended September 30, 2024, amounted to TT$426.89 million, an 8% increase relative to TT$395.76 million reported in 2023.
Profit for the year from continuing operations for the twelve months ended September 30, 2024, amounted to TT$708.30 million, a 15% decrease relative to TT$833.30 million reported in 2023. Profit for the year from continuing operations for the fourth quarter amounted to TT$243.30 million (2023: TT$315.43 million). Profit after tax from discontinued operations totalled TT$4.14 million a 80% increase from the Loss after tax from discontinued operations of TT$20.37 million for the corresponding period last year.
Profit for the year ended September 30, 2024, amounted to TT$712.43 million, a 12% decrease relative to TT$812.93 million reported in 2023. Profit for the year for the fourth quarter amounted to TT$239.21 million (2023: TT$291.55 million).
Profit attributable to shareholders for the year ended September 30, 2024 had a 14% decrease to reach TT$660.60 million (2023: TT$764.20 million) . Total comprehensive income for the period for the twelve months amounted to TT$745.07 million, a 5% increase from the TT$712.49 million reported in 2023. For the fourth quarter, Total comprehensive income for the period was TT$271.85 million (2023: TT$191.11 million).
Consequently, Earnings Per Share for the twelve months amounted to TT$0.33 (2023: EPS: TT$0.39), while Earnings Per Share for the quarter totaled TT$0.12 (2023: EPS: TT$0.14). The twelve-month trailing EPS was JMD$7.83 and the number of shares used in these calculations was 1,979,384,540.
Notably, MASSY’s stock price closed the trading period on November 26, 2024, at a price of TT$79.92 with a corresponding P/E ratio of 10.21x.
Balance Sheet Highlights
The company’s assets totalled TT$15.45 billion (2023: TT$15.54 billion). This decrease in total assets was attributable to ‘Financial Assets’ which amounted to TT$836.48 million (2023: TT$1.41 billion).
Shareholder’s equity was TT$7.79 billion (2023: TT$7.40 billion), representing a book value per share of TT$3.93 (2023: TT$3.74).
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.
