MASSY reports 2% increase in nine months net profit attributable to shareholders

August 11, 2022

In T&T dollars (except where it is indicated otherwise):

Massy Holdings Limited (MASSY), for the nine months ended June 30, 2022, posted revenue of $9.20 billion, a 13% increase when compared to $8.14 billion reported for the comparable period in 2021. For the quarter revenue amounted to $3.06 billion (2021: $2.54 billion).

Operating profit after finance costs rose by 10% to $620.41 million (2021: $565.59 million). Operating profit for the quarter rose by 23% to end at $187.93 million (2021: $152.55 million).

Share of profit of associates and joint ventures for the period was $23.64 million relative to $32.03 million for the corresponding period last year.

Profit before income tax totalled $644.04 million (2021: $597.62 million). Income tax expense totaled $212.53 million (2021: $191.22 million). Profit after tax from continued operations totaled $431.51 million, 6% more than the $406.40 million reported a year prior. Profit after tax from discontinued operations for the nine months was $84.13 million versus $93.91 million last year. MASSY’s profit for the year amounted $515.64 million (2021: $500.30 million), while profit for the quarter amounted to $188.79 million (2021: $186 million).

Profit attributable to owners of the parent as it regards to continuing operations amounted to $400.37 million (2021: $378.71 million).

Profit attributable to owners of the parent as it regards to discontinuing operations amounted to $84.13 million (2021: $98.52 million).

Total Profit attributable to owners of the parent company summed to $484.50 million (2021: $477.22 million), for the quarter profit attributable to owners of the parent company amounted to $179.67 million, 2% less than the $183.74 million reported in 2021.

Total comprehensive income for the period under review amounted to $516.27 million (2021: $480.29 million).

MaSSY had an earnings per share (EPS) for the period of $0.245 (2021: EPS $0.241). For the quarter, EPS totalled $0.091 (2021: $0.093). The twelve-month trailing EPS amounted to $0.402. The number of shares used in this calculation was 1,979,384,540 units. As at August 10, 2022, the stock traded at J$89.74 with a corresponding P/E ratio of 10.06 times.

MASSY noted that, “The Group’s transformation to an Investment Holding Company focused on three main portfolios, Integrated Retail, Gas Products and Motors and Machines, is well underway. The underlying performance of the three portfolios demonstrates the growth that this focus is producing. The earnings volatility arising from the Group’s Divested Funds portfolio have been intentionally rebalanced to more conservative instruments and as the Group moves to strategically transition those funds to businesses in its three main portfolios, which are growing to provide acceptable returns on invested capital.”


Balance Sheet Highlights:

The Company, as at June 30, 2022, held total assets worth $12.34 billion, a 4% increase when compared to $12.84 billion recorded last year. The movement was primarily attributable to a $297.50 million increase in ‘Property, plant and equipment’ to $2.78 billion from $2.49 billion in 2021.

Total Shareholders’ equity as at June 30, 2022 closed at $6.79 billion, compared to $6.37 billion recorded for the same period in 2021. This resulted in a book value per share of $3.43 compared to a value of $3.22 reported in 2021.



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