MASSY reports 4% increase in six months net profit

May 6, 2022

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

Massy Holdings Limited (MASSY), for the six months ended March 31, 2022 posted revenue of $6.15 billion, a 10% increase when compared to $5.61 billion reported for the comparable period in 2021. For the quarter revenue amounted to $2.92 billion (2021: $2.63 billion).

Operating profit after finance costs rose by 5% to $433.22 million (2021: $413.96 million). Operating profit for the quarter rose marginally by 1% to end at $170.41 million (2021: $169.27 million).

Share of profit of associates and joint ventures for the period was $18.89 million relative to $22.88 million for the corresponding period last year.

Profit before income tax totalled $452.11 million (2021: $436.84 million). Income tax expense totaled $149.83 million (2021: $139.78 million). Profit after tax from continued operations totaled $302.28 million, 2% more than the $297.06 million reported a year prior. Profit after tax from discontinued operations for the six months was $24.57 million versus $17.24 million last year. MASSY’s profit for the year amounted $326.85 million (2021: $314.30 million), while profit for the quarter amounted to $123.11 million (2021: $125.88 million).

Profit attributable to owners of the parent as it regards to continuing operations amounted to $280.26 million (2021: $277.23 million).

Profit attributable to owners of the parent as it regards to discontinuing operations amounted to $24.57 million (2021: $16.25 million).

Total Profit attributable to owners of the parent company summed to $304.83 million (2021: $293.48 million), for the quarter profit attributable to owners of the parent company amounted to $133.50 million, 5% less than the $120 million reported in 2021.

Total comprehensive income for the period under review amounted to $344.72 million (2021: $310.11 million).

MASSY had an earnings per share (EPS) for the period of $0.154 (2021: EPS $0.148). The twelve-month trailing EPS amounted to $0.404. The number of shares used in this calculation was 1,979,384,540 units. As at May 5, 2022, the stock traded at J$97.21 with a corresponding P/E ratio of 10.98 times.

MASSY noted that, “During the First Half of the 2022 Financial Year (FY), the Group’s main Portfolios and Lines of Business performed commendably. The growth in Integrated Retail came from all markets especially Guyana, Trinidad and Tobago and Barbados. The growth in Motors and Machines was driven by the rebound of Massy Motors in Trinidad but also supported by growth in Massy Machinery, Massy Motors Guyana and Massy Motors Colombia. Growth in the Gas Products Portfolio mainly derived from significant half year growth from Massy Gas Products Trinidad and from growth in Guyana and the Energy Services company in Trinidad. Strong half year performance by Massy Remittance Services in Guyana pulled the Financial Services Line of Business to a 6% improvement in PBT over prior year.”


Balance Sheet Highlights:

The Company, as at March 31, 2022, held total assets worth $13.77 billion, a 9% increase when compared to $12.67 billion recorded last year. The movement was primarily attributable to a $2.30 billion increase in ‘Assets classified as held for sale’ to $2.31 billion from $8 million in 2021.

Total Shareholders’ equity as at March 31, 2022 closed at $6.76 billion, compared to $6.26 billion recorded for the same period in 2021. This resulted in a book value per share of $70.14 compared to a value of $65.57 reported in 2021.



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.