MASSY reports three months net profit of TT$208.35 million

February 10, 2023

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

Massy Holdings Limited (MASSY) posted revenue of $3.40 billion, a 5% increase when compared to $3.23 billion reported for the comparable period in 2021.

Operating profit after finance costs increased by 12% to $293.01 million (2021: $262.48 million).

Share of profit of associates and joint ventures for the three months ended December 31, 2022 was $6.49 million relative to $12.13 million for the corresponding quarter last year.

Profit before income tax totalled $299.50 million (2021: $274.60 million). Income tax expense totaled $92.84 million (2021: $85.21 million). Profit after tax from discontinued operations for the first quarter was $1.70 million versus $14.35 million last year. MASSY’s Profit for the year amounted $208.35 million (2021: $203.74 million).

Profit attributable to owners of the parent as it regards to continuing operations amounted to $193.12 million (2021: $176.98 million).

Profit attributable to owners of the parent as it regards to discontinuing operations amounted to $1.70 million (2021: $14.35 million).

Total Profit attributable to owners of the summed to $194.82 million (2021: $191.33 million).

Total comprehensive income for the period under review amounted to $219.99 million (2021: $201.23 million).

MASSY had an earnings per share (EPS) for the period of $0.098 (2021: EPS $0.097). The twelve-month trailing EPS amounted to $0.413. The number of shares used in this calculation was 98,969,227 units. As at February 9, 2023, the stock traded at J$80.00 with a corresponding P/E ratio of 8.60 times.

MASSY noted that, “In December 2022, the Group announced three major acquisitions: Rowe’s IGA supermarkets in Jacksonville Florida (US$47 million), Air Liquide operations in Trinidad (US$57 million) and IGL Jamaica (US$140 million)”.

Balance Sheet Highlights:

The Company, as at December 31, 2022, held Total Assets worth $13.13 billion, a 4% decline when compared to $13.63 billion recorded last year. The movement was primarily attributable to a $2.19 billion decline in ‘Assets classified as held for sale’ to $79.83 million from $2.26 billion in 2021.

Total Shareholders’ Equity as at December 31, 2022 closed at $7.02 billion, compared to $6.85 billion recorded for the same period in 2021. This resulted in a book value per share of $3.55 compared to a value of $3.46 as at December 31, 2021.

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