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).
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