November 28, 2023
Massy Holdings Limited (MASSY) for the year ended September 30, 2023, reported a 15% increase in revenue totalling TT$14.20 billion compared to TT$12.33 billion in the corresponding period last year. Revenue for the fourth quarter had a 23% increase to close at TT$3.85 billion compared to TT$3.12 billion for the comparable quarter of 2022.
Net finance cost amounted to TT$168.79 million (2022: TT$101.41 million), this represents an increase of 66% year over year. Consequently, operating profit after finance costs increased by 26% to TT$1.23 billion compared to TT$976.18 million for the year ended September 30, 2022. The company booked operating profit after finance costs of TT$470.96 million for the fourth quarter versus TT$361.35 million reported for the similar quarter of 2022.
Share of profit of associates and joint ventures decreased by 80% to close at TT$3.79 million (2022: TT$18.84 million). Profit before income tax increased by 24% from TT$995.02 million in 2022 to TT$1.23 billion in the period under review. Income tax expense for the year ended September 30, 2023 amounted to TT$395.76 million, a 29% increase relative to TT$305.98 million reported in 2022.
Profit from continuing operations for the year ended September 30, 2023, amounted to TT$833.30 million, a 21% increase relative to TT$689.04 million reported in 2022. Profit from continuing operations for the fourth quarter amounted to TT$318.89 million (2022: TT$261.26 million). Loss after tax from discontinued operations totalled TT$20.37 million relative to profit after tax from discontinued operations of TT$85.71 million in 2022.
Profit for the year ended September 30, 2023, amounted to TT$812.93 million, a 5% decrease relative to TT$858.19 million reported in 2022. Profit for the fourth quarter amounted to TT$291.55 million (2022: TT$342.55 million).
Profit attributable to shareholders for the year ended September 30, 2023, had a 6% decrease to reach TT$764.20 million (2022: TT$813.93 million). For the fourth quarter, profit attributable to shareholders was TT$279.42 million (2022: TT$329.43 million). Total comprehensive income for the year amounted to TT$712.49 million, a 6% decrease from the TT$760.48 million reported in 2022.
Earnings per share (EPS) for the year amounted to TT$0.38/J$8.92 (2022: TT$0.41/J$9.27), while EPS for the quarter totalled TT$0.14/J$3.26 (2022: TT$0.17/J$3.75). The number of shares used in these calculations was 1,979,384,540.
Notably, MASSY’s stock price closed the trading period on November 27, 2023, at a price of J$90.00 with a corresponding P/E ratio of 10.09x.
Balance Sheet Highlights:
The company’s assets increased 22% to total TT$15.54 billion (2022: TT$12.70 billion). This increase was largely due to goodwill, which grew 537% to TT$1.07 billion (2022: TT$168.20 million) followed by property, plant and equipment, which grew 34% to TT$3.40 billion (2022: TT$2.53 billion).
Shareholder’s equity was TT$7.40 billion (2022: TT$7.07 billion), representing a book value per share of TT$3.74 (2022: TT$3.57).
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