Revenue climbs marginally

 Durrant Pate/Contributor

Regional distribution giant Massy Holdings has seen a decline in profitability for the half-year ended March 31, 2024.

At the same time, the Trinidad-based company experienced a marginal improvement in revenues, which went up 15 per cent to TT$7.82 billion compared to TT$6.78 billion last year. Revenue for the March quarter went up 12 per cent increase to close at TT$3.79 billion coming from TT$3.39 billion for the comparable quarter of 2023.

Massy Holdings has operations throughout the Caribbean including in Jamaica.

Profit from continuing operations for the half-year amounted to TT$310.54 million, a 13 per cent decrease relative to TT$356.36 million reported in 2023. Profit from continuing operations for the March quarter was TT$110.49 million (2023: TT$147.88 million).

Half-year profit amounted to TT$309.18 million, a 14 per cent decline relative to TT$358.87 million reported in 2023. Profit for the second quarter closed on TT$111.19 million (2023: TT$150.52 million).

Shareholder profit down 16%

Profit attributable to shareholders for the half-year went down 16 per cent to reach TT$281.37 million (2023: TT$333.07 million). Total comprehensive income for the half-year totalled TT$310.30 million, down 19% from the TT$384.81 million reported in 2023.

Consequently, Earnings Per Share (EPS) for the first half of the year amounted to TT$0.14 (2023: EPS: TT$0.17), while EPS for the second quarter totalled TT$0.05 (2023: EPS: TT$0.07). 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 10.85 times.

Share of profit of associates and joint ventures increased by 861 per cent to close at TT$107.79 million (2023: TT$11.22 million). The company’s assets totalled TT$15.56 billion (2023: TT$13.94 billion). 

The growth in total assets was led by ‘Property, plant & Equipment’ increasing by TT$514.58 million or 16 per cent 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).