Trinidad-based regional distribution-led conglomerate, Massy Holdings Limited, has delivered a less than stellar year-to-date performance reporting flat profits for the period ended June 30, 2022.

Net profit from continued operations rose six per cent to TT$431.51 million, up from TT$406.40 million reported a year prior. Profit after tax from discontinued operations for the nine months was TT$84.13 million versus TT$93.91 million last year.

Massy’s profit for the year amounted TT$515.64 million (2021: TT$500.30 million), while profit for the June third quarter was TT$188.79 million (2021: TT$186 million). Profit attributable to owners of the parent, as it regards to continuing operations amounted to TT$400.37 million (2021: TT$378.71 million).

Profit due to owners of parent company

Profit attributable to owners of the parent, as it regards discontinuing operations, came out at TT$84.13 million (2021: TT$98.52 million). Total profit attributable to owners of the parent company summed to TT$484.50 million (2021: TT$477.22 million), while profit attributable to owners of the parent company for the June quarter amounted to TT$179.67 million, two per cent less than the TT$183.74 million reported in 2021.

Share of profit of associates and joint ventures for the period was TT$23.64 million relative to TT$32.03 million for the corresponding period last year. Operating profit after finance costs rose by 10 per cent to TT$620.41 million (2021: TT$565.59 million).

Operating profit for the third quarter rose by 23 per cent to end at TT$187.93 million (2021: TT$152.55 million). On the revenue side, this rose 13 per cent to TT$9.20 billion when compared to TT$8.14 billion in the comparable period in 2021.

For the June quarter, revenue amounted to TT$3.06 billion (2021: TT$2.54 billion). Total comprehensive income for the period under review amounted to TT$516.27 million (2021: TT$480.29 million).

Ongoing group transformation

The management reports 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 management admitted that, “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.”

Massy, which is cross-listed on the Jamaica and Trinidad and Tobago stock exchanges as at June 30, 2022, held total assets worth TT$12.34 billion, a four per cent 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 TT$6.79 billion, compared to TT$6.37 billion recorded for the same period in 2021. This resulted in a book value per share of TT$3.43 compared to a value of TT$3.22 reported in 2021.