May 9, 2024

Unaudited financials for the six months ended March 31, 2024:

Massy Holdings Limited (MASSY) for the six months ended March 31, 2024, reported a 15% increase in Revenue totalling TT$7.82 billion compared to TT$6.78 billion in the corresponding period last year. Revenue for the second quarter had a 12% increase to close at TT$3.79 billion compared to TT$3.39 billion for the comparable quarter of 2023.

Operating profit after finance costs decreased by 26% to TT$379.93 million compared to TT$511.50 million for the six months ended March 31, 2023. The company booked operating profit after finance costs of TT$93.58 million for the second quarter versus TT$216.66 million reported for the similar quarter of 2023.

Share of profit of associates and joint ventures increased by 861% to close at TT$107.79 million (2023: TT$11.22 million).

Profit before income tax decreased by 7% from TT$522.72 million in 2023 to TT$487.72 million in the period under review.

Income tax expense for the six months ended March 31, 2024, amounted to TT$177.18 million, a 7% increase relative to TT$166.36 million reported in 2023.

Profit from continuing operations for the six months ended March 31, 2024, amounted to TT$310.54 million, a 13% decrease relative to TT$356.36 million reported in 2023. Profit from continuing operations for the second quarter amounted to TT$110.49 million (2023: TT$147.88 million).

Profit for the six months ended March 31, 2024, amounted to TT$309.18 million, a 14% decrease relative to TT$358.87 million reported in 2023. Profit for the second quarter amounted to TT$111.19 million (2023: TT$150.52 million).

Profit attributable to shareholders for the six months ended March 31, 2024, had a 16% decrease to reach TT$281.37 million (2023: TT$333.07 million).

Total comprehensive income for the six months amounted to TT$310.30 million, a 19% decrease from the TT$384.81 million reported in 2023.

Consequently, Earnings Per Share for the six months amounted to TT$0.14 (2023: EPS: TT$0.17), while Earnings Per Share for the quarter totalled TT$0.05 (2023: EPS: TT$0.07). The twelve month trailing EPS was TT$0.36 and the number of shares used in these calculations was 1,979,384,540.

Notably, MASSY’s stock price closed the trading period on May 09, 2024, at a price of J$89.23 with a corresponding P/E ratio of 10.85x.

Balance Sheet Highlights

The company’s assets totalled TT$15.56 billion (2023: TT$13.94 billion). Notably, the growth in total assets was led by ‘Property, plant & Equipment’ increasing by TT$514.58 million or 16% to from TT$3.15 billion in 2023 to TT$3.66 billion in the period under review.

Shareholder’s equity was TT$7.45 billion (2023: TT$7.11 billion), representing a book value per share of TT$3.76 (2023: TT$3.59).

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